Official: More IPOs to Emerge This yearMore initial public offerings (IPOs) will be seen this year as the 10-year-old IPO quota system will be scrapped in March, said Zhou Xiaochuan, chairman of the China Securities Regulatory Commission (CSRC).Wu Xiaoqiu, director of the Finance and Securities Institute of the People's University, said that the harsh competition for the limited IPO quotas allocated to each local government every year will end, which had blocked the growth of many well-performing enterprises and private firms. CSRC will draw up new guidelines to improve inner controls during the appraisal of IPOs and new share issues. Members of the listing committee, who evaluate the listing applications and decide whether to approve, suggested that the assessment procedures should be further simplified and clarified. The listing committee assessed 228 IPOs and 299 new share issuing applications last year. Five IPO applications were rejected, with 149 approved and 145 launched last year. The listing committee, to be reelected in September this year, has 80 members, 22 percent of which are CSRC officials and the rest are renowned securities experts outside CSRC. The committee will invite more public participation to ensure the transparency and fairness of the assessment process, said Zhou Xiaochuan. |
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