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Regulator mulls reforming IPO mechanism

(Agencies)
Updated: 2009-01-19 11:52

China plans to reform its mechanism for initial public offerings (IPOs) of shares, the official Shanghai Securities News reported on Monday, citing China Securities Regulatory Commission Chairman Shang Fulin.

Related readings:  Mainland IPOs set to bloom  Accountancy firm: China IPOs to rise 45% in 2009  'Negative' outlook for securities brokers in 2009  Report: China IPOs dry up as bubble bursts

Shang told an internal meeting of the commission that the watchdog was committed to more market-oriented mechanisms for IPO price-setting and share underwriting and had been soliciting opinions from institutional investors, the newspaper said.

Some brokerages have suggested changes to the existing mechanism that would enable IPO prices to better reflect actual supply and demand, and that would allow new shares to be allocated more fairly through subscription, it said.

IPO activity has come to a virtual standstill in the mainland due to a prolonged slump in the stock market.

Under the current IPO system, companies' shares have typically soared on their debut, while institutions often enjoy an advantage over individuals during the subscription process.