Tighter check hurts China's IPO market in January
By Verain Ye |
February 1, 2013, Friday
|
Print Edition
Print Edition
CHINA'S initial public offering market was dormant for a second straight month in January as the securities regulator tightened supervision over the listing process to weed out unqualified applicants, an industry report said yesterday.
The Chinese mainland's two stock markets saw no new listing last month while only three mainland-based companies launched IPOs on Hong Kong's bourse, Beijing-based Zero2IPO Research Center said in a report. The three IPOs marked a 40-percent fall from a month ago and 78.6 percent annually.
The three IPOs raised US$511 million, down 55 percent from a year earlier, the report showed.
The China Securities Regulatory Commission has suspended IPO approvals since December and ordered companies that have applied for IPOs on the domestic bourses to do internal checks of financial documents to prevent false disclosures and profit manipulation.
As of January 25, nine firms have halted their IPO filings since the financial check was ordered, while 876 firms were still waiting for approval.
The Chinese mainland's two stock markets saw no new listing last month while only three mainland-based companies launched IPOs on Hong Kong's bourse, Beijing-based Zero2IPO Research Center said in a report. The three IPOs marked a 40-percent fall from a month ago and 78.6 percent annually.
The three IPOs raised US$511 million, down 55 percent from a year earlier, the report showed.
The China Securities Regulatory Commission has suspended IPO approvals since December and ordered companies that have applied for IPOs on the domestic bourses to do internal checks of financial documents to prevent false disclosures and profit manipulation.
As of January 25, nine firms have halted their IPO filings since the financial check was ordered, while 876 firms were still waiting for approval.
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