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Share issues paced

By Bi Xiaoning (China Daily)
Updated: 2008-09-10 09:30

The securities regulator said yesterday it will continue to control new share issues to balance supply and demand in the capital market.

"Over the past eight months, the pace of new share issues has slowed," an anonymous official from the China Securities Regulatory Commission (CSRC) said.

There were 73 new mainland listings by the end of August, the official said. In the first half, 59 companies went public at a rate of about 10 initial public offerings per month. That number fell to nine in July and five in August.

On Monday, the CSRC approved China Merchants Securities' plan to issue 358.5 million shares.

"(But) it's still too early to say when the IPO will be, as there are still a lot of procedures and requirements to get through," the official said.

Everbright Securities Co is in the same boat.

The securities regulator has kept another 30 companies waiting as it tries to control the pace of new share issues on the market.

The regulator is planning to release new inquiry system rules to guide the pricing of new shares.

"The current inquiry system gives new shares a market-oriented price, but some market players could flout the rules. The CSRC will strengthen supervision and punishment," the official said.