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Securities watchdog gets IPOs back on track
China will see its first new share issue for over four months on Monday, a spokesman for the China Securities Regulatory Commission said on Friday. Huadian Power International Co Ltd will issue its prospectus for an A-share initial public offering (IPO), the first in the domestic stock market since August 30, 2004. Another domestic company will also launch an IPO before the Spring Festival next month, the spokesman said, but did not reveal its name. The two companies will be the first to try out China's new IPO pricing system. The commission introduced the new IPO pricing rules on August 30, 2004, which aimed to make the IPO prices more reasonable, requiring companies launching IPOs to inquire about the prices among institutional investors. In order to ensure a smooth transition, all new share issues were suspended on that date. The new system took effect at the start of this year. After two weeks of preparation, the time is ripe to implement it and resume IPOs, said the commission's spokesman. He added that the commission had been reviewing the qualifications of the institutional investors that will participate in the IPO price inquiry - 134 of them, including fund managers, qualified foreign investors, trust firms and securities houses, have been registered. The commission's newly established listing committee will also hold its first meeting next Wednesday to review Baosteel's application for an additional share issue. |
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