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Shanghai shares rise on tighter IPO screening
By Ye Zhen |
December 24, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks advanced this morning after China's securities watchdog said it will tighten financial check of companies that plan to go public.
The key Shanghai Composite Index gained 0.48 percent to 2,163.71 points. Turnover was 37.7 billion yuan (US$6.1 billion) by midday.
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 status 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 flawed IPO documents, the report said.
Analysts said the move is helpful to ease China's overflowing IPO pipeline.
Currently, more than 800 companies have applied to launch IPOs on the Shanghai and Shenzhen bourses.
Financials led the market up. CITIC Securities, China's biggest listed brokerage, rose 1.6 percent to 12.06 yuan. Founder Securities Co added 1.9 percent to 4.22 yuan. Haitong Securities Co climbed 1.8 percent to 9.59 yuan.
China Merchants Bank increased 3.9 percent to 12.36 yuan. China Minsheng Banking Corp added 2.3 percent to 7.50 yuan. Industrial Bank Co rose 2 percent to 15.55 yuan.
Distilleries fell the most. Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 4.7 percent to 206.50 yuan. Sichuan Tuopai Shede Wine Co shed 1.1 percent to 25 yuan. Shanxi Xinghuacun Fen Wine Factory Co dropped 2.7 percent to 36.70 yuan.
The key Shanghai Composite Index gained 0.48 percent to 2,163.71 points. Turnover was 37.7 billion yuan (US$6.1 billion) by midday.
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 status 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 flawed IPO documents, the report said.
Analysts said the move is helpful to ease China's overflowing IPO pipeline.
Currently, more than 800 companies have applied to launch IPOs on the Shanghai and Shenzhen bourses.
Financials led the market up. CITIC Securities, China's biggest listed brokerage, rose 1.6 percent to 12.06 yuan. Founder Securities Co added 1.9 percent to 4.22 yuan. Haitong Securities Co climbed 1.8 percent to 9.59 yuan.
China Merchants Bank increased 3.9 percent to 12.36 yuan. China Minsheng Banking Corp added 2.3 percent to 7.50 yuan. Industrial Bank Co rose 2 percent to 15.55 yuan.
Distilleries fell the most. Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 4.7 percent to 206.50 yuan. Sichuan Tuopai Shede Wine Co shed 1.1 percent to 25 yuan. Shanxi Xinghuacun Fen Wine Factory Co dropped 2.7 percent to 36.70 yuan.
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