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2nd LD-Writethru: China to restart IPOs

Xinhua, November 6, 2015 Adjust font size:

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 Friday.

Deng Ge, spokesman with the China Securities Regulatory Commission (CSRC), told a press conference that 28 companies will be allowed to go public 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.

The stock market has been undergoing self restoration and adjustment and thus it will help invigorate the market to resume and keep a reasonable supply of new shares, Deng said.

The CSRC will further reform IPO policies, he said.

Chinese stocks performed well this week, with the Shanghai Composite Index rising 6.1 percent thanks to sharp gains in the last three days. The index rebounded more than 20 percent from an Aug. 26 low, bringing the market back into a technical bull territory. Endi