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China to restart IPOs

Updated: Nov 6,2015 5:49 PM     Xinhua

BEIJING — China will restart initial public offerings (IPO) after suspending them in July in the wake of a stock market rout which began in the middle of June, the securities regulator said on Nov 6.

Deng Ke, spokesman with the China Securities Regulatory Commission (CSRC), told a press conference that IPOs of 28 companies will be allowed before the end of this year.

Due to sharp market fluctuations, the Shanghai and Shenzhen stock exchanges said in early July that 28 scheduled IPOs would be suspended. Among them, 10 companies that had accepted subscriptions for their shares were required to refund the money to investors.

Those 10 companies will go back into the IPO process first, Deng said, adding that they may need about two weeks to go through some legal procedures.

“The other 18 companies will go public before the end of this year,” he said. The CSRC will also resume IPO approval meetings with reasonable pace.