China has no timetable to reopen IPO approvals
时间：2013-03-01 05:07:40
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BEIJING, Feb. 28 (Xinhua) -- The government has no plan to start approving IPOs again, sources from the China Securities Regulatory Commission (CSRC) said Thursday.
A CSRC official who declined to be named made the remarks at a news briefing, dismissing
speculation1 that the commission may reopen approvals of initial public offering (IPO) in April.
Many Chinese
investors2 have blamed the CSRC for approving too many IPOs and turning the capital market into a place where companies, some of which have manipulated their financial reports, can
amass3 great wealth overnight.
The CSRC seldom made IPO approvals after June last year. No companies have become listed over the last four months.
But companies are still eager to issue IPOs. Nearly 900 companies were waiting to get IPO approval as of February, according to CSRC figures.
To tackle the problem, the CSRC asked the
broker4 agencies of all IPO
applicants5 last December to inspect applicants' financial status and file reports to the commission before March 31.
The CSRC said it will conduct selective
inspections6 based on the reports.
Many companies have since canceled their IPO applications, according to the CSRC.
Broker agencies who fail to follow the CSRC's orders may face penalties.
The commission said Wednesday that it plans to
revoke7 three agencies'
licenses8 for failing to discover financial manipulation committed by their clients.
In 2010, Yunnan Green-Land Biological Technology Co. was found to have exaggerated its assets and operating revenues when it launched its IPO.
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