China's securities regulator said on Friday it will not reopen the expected IPO floodgate, until details of the new share issuance system are released.
"More relevant regulatory measures about IPO issuance and underwriting will be published after we fix the reform policies, and any enterprise waiting to list new shares should get approval from the China Securities Regulatory Commission," said a spokesman for the commission.
The watchdog released a draft about IPO system reform on June 7, and Friday was the last day for collecting public opinions and proposals on the draft.
Local media reports had suggested that new shares could be listed as soon as the end of next month, after some sources close to the CSRC disclosed that the regulator had already revealed details of the reforms to underwriters and asked some institutions to start preparing for the resumption of IPOs.
"The speculated timeline is not correct," said the spokesman. "The CSRC is yet to choose the right time to release the new rules, to ensure a smooth transition."
There have been no IPOs on the mainland since late last year and the regulator has been busy scrutinizing potential listed companies and their financial performances.
Rehab helps prepare for life after addiction
Feedback
RSS
