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Shanghai index up 0.27% on tighter IPO control
By Ye Zhen |
December 24, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks edged up today after the official China Securities Journal said China's securities watchdog will tighten financial check of companies that plan to go public in an effort to ease funding pressure on domestic stock markets.
The benchmark Shanghai Composite Index added 0.27 percent to 2,159.05 points, with a daily turnover of 68 billion yuan (US$11 billion).
The country's top securities regulator will require companies that filed applications for initial public offerings on the Shanghai and Shenzhen markets to verify their financial data in the first quarter of next year, China Securities Journal reported today, citing unnamed sources.
The regulator will also carry out random checks and terminate the application of companies with inaccurate IPO documents, the report said.
More than 800 companies have filed for IPOs on the Shanghai and Shenzhen bourses, seeking funds of up to 500 billion yuan, according to a report by Ernst & Young.
Analysts said the latest move is helpful to ease China's overflowing IPO pipeline. Wu Xiaohui, a partner of Deloitte Touche Tohmatsu CPA Ltd, expected about 20 percent of the current IPO applicants will have to withdrawal their applications next year.
"The government will also encourage domestic firms to raise money from the bond market and will lower the threshold for companies to list on the Hong Kong exchange," Wu said.
Haitong Securities gained among securities houses, adding 1.4 percent to 9.55 yuan, after it and six other Chinese brokers were named the first participants in China's over-the-counter equities market under a trial program.
CITIC Securities, the biggest listed brokerage, added 0.4 percent to 11.92 yuan. Industrial Securities Co increased 2 percent to 11.48 yuan.
The benchmark Shanghai Composite Index added 0.27 percent to 2,159.05 points, with a daily turnover of 68 billion yuan (US$11 billion).
The country's top securities regulator will require companies that filed applications for initial public offerings on the Shanghai and Shenzhen markets to verify their financial data in the first quarter of next year, China Securities Journal reported today, citing unnamed sources.
The regulator will also carry out random checks and terminate the application of companies with inaccurate IPO documents, the report said.
More than 800 companies have filed for IPOs on the Shanghai and Shenzhen bourses, seeking funds of up to 500 billion yuan, according to a report by Ernst & Young.
Analysts said the latest move is helpful to ease China's overflowing IPO pipeline. Wu Xiaohui, a partner of Deloitte Touche Tohmatsu CPA Ltd, expected about 20 percent of the current IPO applicants will have to withdrawal their applications next year.
"The government will also encourage domestic firms to raise money from the bond market and will lower the threshold for companies to list on the Hong Kong exchange," Wu said.
Haitong Securities gained among securities houses, adding 1.4 percent to 9.55 yuan, after it and six other Chinese brokers were named the first participants in China's over-the-counter equities market under a trial program.
CITIC Securities, the biggest listed brokerage, added 0.4 percent to 11.92 yuan. Industrial Securities Co increased 2 percent to 11.48 yuan.
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