No timetable for re-opening China IPOs – regulator
The China Securities Regulatory Council (CSRC) said it doesn’t have a timetable for resuming IPOs, in response to media reports on last Tuesday that new shares could be listed in July.
"There's no timetable for the IPO reform to be formally introduced yet," a CSRC spokesperson said, adding that the regulator is still seeking public opinions on the reform plan.
The regulator released draft rules earlier this month on alterations to IPO mechanisms, including greater freedom on the timing of listings and strict penalties for underwriters that give misleading information.
Yao Gang, a vice chairman of the CSRC, told executives of mainland brokerages at a conference in Beijing that stock exchanges would restart IPOs as early as next month, Reuters reported on June 18. It spurred a heavy sell-off in China stocks the following day, as investors worried that new listings will soak up capital in what is already a tight market.
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