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IPO reform to unveil system for registration
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CHINA’S securities watchdog is set to launch a registration-based system for initial public offerings as soon as next year, an official with Shanghai Stock Exchange said yesterday.
“A new system is very likely to be introduced next year to replace the current approval system for IPOs,” Li Jingzhen, head of the issue department at the exchange, told the Shanghai International Private Equity Forum.
The new system is, however, not likely to significantly accelerate the pace of IPOs but will help improve the transparency and ensure consistency of IPO standard, procedure and information disclosure, Li said.
He clarified the registration system would differ from what has been applied in advanced markets as it would still require regulatory review in light of China’s situation of having many retail investors without adequate knowledge of the workings of the stock market.
The reform aims to bring the IPO system closer to a market-based mechanism to improve transparency at every step of the listing process while reducing regulatory interference.
The China Securities Regulatory Commission said earlier that a draft plan to reform the stock issuance process had been sent to the State Council for review last month.
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