Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Indexes  >  CHINA-Shanghai Comp       

SummaryChartsNewsAnalysisHeatmapComponents 
News SummaryAll newsNews of the components ofTweets

China Regulator Says 16 Firms Withdraw IPO Plans

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/04/2013 | 07:25am CEST

SHANGHAI--Sixteen companies have abandoned plans to list their shares on one of the nation's stock exchanges since late December, the China Securities Regulatory Commission said.

Eleven companies have withdrawn their applications to list on the start-up board and five firms had scrapped plans to list on one of the nation's two main boards, the regulator said in separate statements posted on its website Friday. It didn't explain the decisions or give details about the firms' financial performances.

But lengthy waiting periods for approval and a still weak stock market may have been factors in the decisions.

Since October, the CSRC halted all approvals for initial public offerings, citing concerns about a potential share glut that would further weigh on an already lackluster equity market. The regulator also heightened scrutiny of IPO hopefuls after the poor showing of some companies after they went public.

Official data show there were 873 companies waiting for IPO approval as of Jan. 31. The CSRC has asked underwriters and auditors working on possible share sales to submit inspection reports by March 31, effectively raising the regulatory threshold for new deals.

The slow pace of regulatory approvals for new listings in China is driving firms to consider other options, such as choosing an overseas venue or using smaller over-the-counter equities markets.

The companies that have given up plans for a public offer include titanium supplier Zunyi Titanium and tea producer Anxi Tieguanyin Group, both of which had planned to list on the Shenzhen stock exchange. A number of smaller technology firms were among those abandoning plans to join the start-up bard.

The benchmark Shanghai Composite Index slumped to nearly a four-year low in December and lost 31% over the past three years though it has rallied sharply in recent weeks.

Write to Esther Fung at esther.fung@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CHINA-SHANGHAI COMP
01:12pDJASIA MARKETS : Asian Stocks Advance As BOJ Stays Pat
07/19DJGlobal Shares Rise Amid Strong Corporate Earnings
07/19DJASIA MARKETS : Asian Stocks Lack Direction Ahead Of Central Bank Comments
07/18DJDow Lower as U.S. Dollar Weakens
07/18DJStocks Lower as U.S. Dollar Weakens
07/18DJStocks Lower as U.S. Dollar Weakens
07/18DJGlobal Stocks Lower as U.S. Dollar Weakens
07/18DJASIA MARKETS : Asian Markets Mostly Fall On Dollar's Weakness
07/18DJGlobal Stocks Lower as U.S. Dollar Weakens -- 2nd Update
07/18DJGlobal Stocks Lower as U.S. Dollar Weakens--Update
More news
News of the components of CHINA-SHANGHAI COMP
03:33p CHINA OILFIELD SERVICES : sees 1H net loss narrows to Rmb370m
02:36p With new Takata air bag recalls, automakers may face more liabilities
01:02p CHINA EASTERN AIRLINES : First direct freight train leaves Prague for China
12:24p CINDA REAL ESTATE : Plans to Buy out Huaikuang Real Estate
12:24p GANSU MOGAO INDUSTRIAL DEVELOPMENT : H1 Operating Revenue, Net Both Up
12:24p ZHEJIANG ZHENENG ELECTRIC POWER : Invests in Bangladeshi Power
12:24p CHINA OILFIELD SERVICES : H1 Losses Forecast to Narrow
More news
Chart CHINA-SHANGHAI COMP
Duration : Period :
CHINA-Shanghai Comp Technical Analysis Chart | 4-Traders
Technical analysis trends CHINA-SHANGHAI COMP
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Heatmap :