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Chinese regulator denies immediate stock listing reform

Xinhua, January 13, 2016 Adjust font size:

The China Securities Regulatory Commission (CSRC) said Wednesday it will not carry out stock listing reform shortly after March 1, and the reform will instead be gradual and steady.

CSRC spokesman Deng Ge made the remarks as some investors anticipated that the forthcoming reform, which is designed to facilitate stock listing, will put downward pressure on the market due to a possible stock supply hike.

Last month, the National People's Congress (NPC) Standing Committee, China's top legislature, approved a State Council proposal to shift stock listing from an approval-based mechanism to registration-based one.

The NPC decision will take effect on March 1, 2016 and will be valid for two years. This means that the new stock listing mechanism could come as soon as March and as late as February 2018.

"The NPC decision will be effective on March 1, but it does not necessarily mean that we will start the reform that day," said Deng.

"The CSRC will announce the date of the reform after the completion of all regulations and rules," said the spokesman. Endi