久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Reporters' Log

Regulator: New listing norms soon

By Bi Xiaoning and Hu Yuanyuan (China Daily)
Updated: 2009-03-07 14:14

China's securities regulator is expected to unveil a draft of the new listing scheme soon, Fan Fuchun, vice-chairman of the China Securities Regulatory Commission (CSRC), said on Friday.

Related readings:  Mainland firms shy away from HK floats  China's IPO capital drops about 80%  'Negative' outlook for securities brokers in 2009  Regulator to roll out GEB norms

"The huge gap between the issuing price and the opening price set through collective bidding has to be addressed first and that's why we have suspended new initial public offerings (IPOs) for the time being," said Fan, also a member of the Chinese People's Political Consultative Conference.

In many cases, bids for new issues were in excess of their underlying value. For instance, PetroChina Company Limited (PetroChina) got listed on the A-share market in late 2007, with an opening price of 48.6 yuan. The scrip began to fall soon after listing and consequently many investors burnt their fingers.

"The opening price of PetroChina shares was exorbitant. Currently the price is around 10 yuan, which is much lower than the issuing price and nowhere near the opening price," said Fan.

The CSRC suspended new IPOs from September 2008. According to market researcher Wind Info, the floats of 36 companies, amounting to 1.84 billion shares have been delayed indefinitely.

"Once the listing issues are settled, we will try our best to resume IPOs as early as possible. However, we cannot come out with a specific timetable for IPOs now," he added.

"We have done lots of preparatory work for the revision, and will soon release the draft rules to elicit public opinion," he said.

Central Economic Work Conference

• Interest Rate Cut
• 30 Years of Reforms
• Coping with Financial Crisis
• Housing in China
• 2008 Tsinghua Management Global Forum
• more

Hot Words

• 政府注資 pump priming
• 軟環(huán)境 soft environment
• 糧食最低收購價 crops' minimum purchase prices

• 保八 Eight Percent Protection
• 以人為本 Put People First
• 農(nóng)民企業(yè)家 Farmer-turned-entrepreneur
• 窗口指導(dǎo) window guidance
• 下崗再就業(yè) Re-employment after being laid off
• more

From Foreign Press

• German media give full coverage to Premier's report
• Overseas press praise China's 8% economic growth
• German media: Economy tops agenda at NPC session
• From the foreign press
• World media keeps close watch on 'two sessions'
• more

Letters

• Corruption top issue for public
• China adopts Food Safety Law
• China's economic growth in 2009
• more