Curb considered on IPOs
1 October 2003
The China Securities Regulatory Commission is considering limiting the amount that can be raised in an initial public offering, Shanghai Securities Newsquoted a commission official as saying. The move was intended to inject life into the markets that have been flat for over the past two years. The average monthly amount raised on China's stock exchanges between August 2001 and July 2003 was Yn7.2bn, half the Yn14.5bn raised monthly between 1999 and 2000.
In September the commission ordered Yangtze Electric Power, which is building the Three Gorges dam and hydropower plant, to defer a Yn10bn listing planned for later in the month.