Shares rise after CSRC denies rumor
Print Edition
SHANGHAI stocks recovered yesterday after China’s securities regulator denied a rumor that a registration-based initial public offering system will come into effect as soon as next week.
The Shanghai Composite Index gained 0.95 percent to close at 2,767 points. For the week, the index lost 3.25 percent, extending its losses this year so far to 22 percent.
Financial firms and shares of coal, electricity and oil producers gained the most.
There would be no change to the listing process on ChiNext, a Nasdaq-style board catering to growth firms, the China Securities Regulatory Commission said in a statement released before the market open yesterday.
The CSRC squashed the rumor that China will replace the current approval system with a registration-based listing system for ChiNext on Tuesday. The CSRC, however, said it would take a long time to develop a registration-based IPO system.
China’s top legislature in December authorized the government to implement changes to the share sale system as early as March 1 after approving a proposal.
Worries about the registration-based IPO system that is likely to see more listings and divert funds from existing shares partly led to an over 6 percent crash in the Shanghai index on Thursday. Investors were also buoyed by comments of Zhou Xiaochuan, governor of the People’s Bank of China.
“China still has room for monetary policy and multiple policy tools to tackle downside economic risks,” Zhou said at a press conference that was held before a meeting of G20 finance ministers and central bank governors yesterday.
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