CSRC: gradual and steady share reform
Print Edition
THE China Securities Regulatory Commission has said it will not carry out stock listing reform shortly after March 1, and the reform will instead be gradual and steady.
CSRC spokesman Deng Ge made the remarks as some investors anticipated that the forthcoming reform, which is designed to facilitate stock listing, will put downward pressure on the market due to a possible stock supply hike.
Last month, the National People’s Congress Standing Committee, China’s top legislature, approved a State Council plan to shift stock listing from an approval-based mechanism to a registration-based one.
The NPC decision will take effect on March 1, 2016 and will be valid for two years. This means that the new stock listing mechanism could come as soon as March and as late as February 2018.
“The NPC decision will be effective on March 1, but it does not necessarily mean that we will start the reform that day,” said Deng.
The CSRC is drafting regulations for the registration-based mechanism and it will solicit public opinion on the draft, he said.
“The CSRC will announce the date of the reform after the completion of all the regulations,” said Deng.
He said there will not be a surge in stock supply under the new mechanism nor immediate autonomy for issuers to price their shares.
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