draft amendment: Under the current IPO system, new shares are subject to approval from the China Securities Regulatory Commission before being listed, according to Global Times China. Other revisions in the draft are made in light of new progress of reforms and new developments of the capital market. The latest revisions to the law include rules on the newly-devised science and technology innovation board, which will pilot a registration-based initial public offering IPO system. A draft amendment to the law was previously submitted to the top legislature for first reading in April 2015, mainly to meet the legislative demand of reforming the IPO system toward a registration-based one. New revisions were submitted for a second reading in April 2017 to improve regulation on such areas as stock trading, acquisitions of listed firms, information disclosure and investor protection. The first draft also improved rules on developing a multi-layer capital market system, strengthening investor protection, promoting securities industry innovations and enhancing regulation.
(news.financializer.com). As
reported in the news.
Tagged under draft amendment, ipo topics.