China's securities regulator toughens IPO application reviews

The Chinese securities regulator has taken a tougher stance on review of the Initial Public Offering applications to improve the quality of listed companies.

In the latter half of 2017, the China Securities Regulatory Commission made field inspections of 22 companies under IPO application review, Chang Depeng, spokesman with the commission, told a press conference on Friday.

The CSRC issued warnings and supervisory measures and held administrative talks with companies and brokers that failed to meet the criteria.

Ten companies have withdrawn their IPO applications, Chang said, pledging more field inspections in 2018.

The CSRC has introduced rigorous approval procedures for IPOs since a new review committee came into office in October 2017, with more than half of IPO applications being rejected or put on hold.