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August 15, 2009

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CSRC Forms IPO Review Committee for GEM

CHINA'S securities regulator yesterday set up an initial public offering review committee for the Growth-Enterprise Market, which is expected to accept IPOs in late October.

The committee, consisting of 35 members, might start reviewing IPO applications next month, said an official of the China Securities Regulatory Commission, who declined to be named. The members are from the CSRC, Shanghai Stock Exchange, Shenzhen Stock Exchange, law offices, accountant offices as well as asset evaluation agencies.

The review committee is independent from the main board. That means the committee members are not allowed to take any positions with the main board approval committees.

Applications for the GEM started on July 26, and the CSRC has accepted 115 applications.

The CSRC earlier said the GEM would focus on firms in new energy, new materials, bio-pharmaceuticals, pro-environmental, new service and information technology sectors.


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