IPO revamp targets disclosure, profits
Print Edition
CHINA will tighten information disclosures and scrap requirements on corporate profits as it drives toward a registration-based reform of initial public offerings, participants said at the Lujiazui Forum yesterday.
Under the new registration-based system, the Shanghai and Shenzhen stock exchanges will be in charge of reviewing IPOs, not the China Securities Regulatory Commission, said Huang Wei, assistant chairman of CSRC.
Xu Ming, deputy general manager of the Shanghai Stock Exchange, said the new registration-based IPO system will lower the threshold for companies to list as it will reduce 36 requirements under the current approval-based system.
But concerns have been raised that the proposed new system will accelerate the pace of IPOs and divert funds from existing shares and hurt stock market performance. However, a senior Goldman Sachs official disagreed.
“Taking Taiwan as a reference, its stock market rallied as it shifted from the approval system to the registration system,” Ha Jiming, vice chairman and chief investment strategist of Goldman Sachs’ investment strategy group for private wealth management, said at the forum. “The market performance is decided by fundamentals.”
Xu said the new system will also boost direct financing in China whose financial system weighs heavily toward indirect financing.
Huang said the review will pay attention on compliance and consistency of information disclosure rather than on corporate profits.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
