china pledges to speed up approval of stock listings
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

To attract capital and boost domestic growth

China pledges to speed up approval of stock listings

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice China pledges to speed up approval of stock listings

China's top securities regulator decides which companies offer shares
Beijing - Arab Today

China's top securities regulator has pledged to speed up approvals of initial public offerings (IPOs), as the government seeks to attract capital and boost domestic growth.

Buoyed by the capital market's recovery from a 2015 rout, the China Securities Regulatory Commission (CSRC) on Sunday indicated it would loosen its grip on the nation's stock markets.

The CSRC decides which companies offer shares and when, as well as setting guidelines for the number of shares and their price -- all of which are determined by the market in other countries.

Regulators responded to the equities rout in the summer of 2015 by freezing new IPOs in an effort to stabilise stock prices, but CSRC chairman Liu Shiyu vowed to end this practice and introduce "new progress and breakthroughs".

More than 600 companies seeking to list in the market have struggled with long wait times, followed by seemingly arbitrary approvals.

Liu said faster approvals, particularly for companies in poverty-stricken counties, will attract new capital and boost investor confidence.

"Liu seems to be the first CSRC chief to publicly denounce the practice of shutting down the IPO market whenever there is a crisis," Dong Dengxin, a finance professor at Wuhan University of Science and Technology, told the official Xinhua news agency.

While the regulator signalled a willingness to allow the market to play a larger role in share sales, it has also cracked down on illegal activities by "barbarians".

Mainland Chinese stock exchanges have an unusually high proportion of non-professional investors and have been compared to "casinos", with insider trading and dramatic swings in share prices seemingly unconnected to underlying business prospects.

"There is only a half-step distance between being a financial mogul and a financial crocodile," Liu said.

Li Chao, the CSRC's deputy head, said closer supervision -- in the form of compliance risk management and standardised banking businesses -- will help prevent a repeat of the stock market turbulence of 2015.

Following a slump that saw the Shanghai stock index tumble nearly 40 percent in a little more than two months -- after peaking in mid-June that year -- several investment executives were investigated on suspicion of insider trading.

Last month, former star hedge-fund manager Xu Xiang was jailed for five and a half years.

His was the first insider trading case to be brought to Chinese court and involved more than 40 billion yuan ($5.8 billion), financial magazine Caixin reported.

The CSRC's planned reforms come as the government tries to staunch a flood of capital heading overseas as investors look for better returns, with interest rates expected to rise, putting pressure on the yuan and threatening the economy.

After Chinese firms went on a multi-billion-dollar foreign acquisition spree last year, the government responded by blasting what it called "irrational" spending and started rolling out new restrictions to curb the outflow of money.

The Shanghai Composite Index ended 0.76 percent lower Monday, in line with a sharp sell-off across Asian stock markets.

Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china pledges to speed up approval of stock listings china pledges to speed up approval of stock listings

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china pledges to speed up approval of stock listings china pledges to speed up approval of stock listings

 



GMT 15:05 2017 Thursday ,08 June

UAE Weather: Temperature set to touch 46°C today

GMT 09:21 2012 Friday ,13 April

Chances of rain in the UAE

GMT 18:01 2011 Saturday ,12 November

Masdar set to launch Seychelles wind farm by end-2011

GMT 17:11 2017 Sunday ,19 November

South Africa eyes 2023 Rugby World Cup

GMT 21:22 2017 Saturday ,10 June

Moroccan minister

GMT 07:28 2017 Tuesday ,07 November

Now,Dubai cafes introduce special food

GMT 12:38 2016 Monday ,14 November

2016 'very likely' hottest year on record

GMT 08:03 2017 Thursday ,02 November

Abdou blames targeting Khan Yonis

GMT 10:51 2017 Thursday ,23 March

Fire damages historic Ottoman mosque in Greece

GMT 05:14 2024 Wednesday ,07 February

Sophisticated Classic Dining Room Design Ideas

GMT 00:14 2017 Friday ,13 October

Army kills mercenaries in Kahbob, Lahj

GMT 19:04 2017 Thursday ,08 June

Qatar sympathisers in Bahrain to face fine, jail

GMT 14:29 2017 Wednesday ,02 August

Man City winger Navas returns to Sevilla

GMT 10:51 2017 Friday ,26 May

Labour Minister meets Thai envoy

GMT 19:56 2011 Wednesday ,24 August

Foreign investors keen on Bahrain

GMT 05:06 2017 Tuesday ,15 August

Speaker condoles with UAE

GMT 20:23 2017 Thursday ,07 September

Arab League condemns violence against Rohingya Muslims

GMT 09:58 2017 Wednesday ,31 May

Emirates Red Crescent signs agreement

GMT 10:23 2017 Saturday ,21 October

Yemeni official survived an armed ambush in Lahij

GMT 02:55 2016 Wednesday ,22 June

Serena battles rivals, self-doubt at Wimbledon

GMT 12:23 2017 Thursday ,09 February

Security consultant denies 'bugging' All Blacks

GMT 09:36 2016 Thursday ,07 July

Sacked Fox News host files sexual harassment suit

GMT 09:21 2015 Saturday ,05 December

British play to feature all 74 Shakespeare deaths
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice