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China tightens IPO rules to boost transparency

(Agencies)
Updated: 2008-05-29 15:08

China's securities regulator will require companies that have received a major asset injection to wait at least one year before an initial public offering (IPO), in order to boost transparency in their operations.

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The China Securities Regulatory Commission will also bar a company from going public if it has shifted to a different core business within the past three years.

The Shanghai Securities News quoted an official from a major brokerage as saying there had previously been no clear rules governing asset restructuring at companies planning IPOs.

China is moving to improve transparency and corporate governance among listed companies, aiming to protect the interests of small investors and attract more funds into its equity markets.

The newspaper also reported on Thursday that the Shanghai Stock Exchange would require companies requesting a halt in trade of their shares due to a major asset transfer to submit preliminary information about the planned move when they apply for the trade halt.

The China Securities Journal quoted a source in the exchange's listing division as saying the move was intended to ensure that such trade halts involved specific plans and time frames, and were justified.

The paper reported last week that the Shanghai exchange would also bar listed companies from suspending trade in their shares for more than 30 days due to pending merger and acquisition deals.