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Regulator says IPOs may start again
March 7, 2009, Saturday
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CHINA may end a five-month moratorium on initial public offerings after the Shanghai Composite Index rallied 20 percent this year to become the world's best-performing stock benchmark.
Share sales may resume "soon," Fan Fuchun, vice chairman of the China Securities Regulatory Commission, said yesterday. The regulator also plans to establish a new system for pricing IPO shares, he said. "The IPOs stopped for a while because the market needed some rest, just like a person with a cold or a fever needed a rest," Fan said during the National People's Congress meeting in Beijing. Fan said the current system, where the IPO price is determined through bids by institutional investors, needs to be tweaked so that first-day gains aren't magnified.
Share sales may resume "soon," Fan Fuchun, vice chairman of the China Securities Regulatory Commission, said yesterday. The regulator also plans to establish a new system for pricing IPO shares, he said. "The IPOs stopped for a while because the market needed some rest, just like a person with a cold or a fever needed a rest," Fan said during the National People's Congress meeting in Beijing. Fan said the current system, where the IPO price is determined through bids by institutional investors, needs to be tweaked so that first-day gains aren't magnified.
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