Two lenders' IPO applications suspended

Applications to launch initial public offerings by two urban commercial banks were suspended by April 3, according to a statement by the China Securities Regulatory Commission, while another 13 urban commercial banks are still waiting for the regulator's approval for their IPOs.

The two lenders - Bank of Chongqing and Bank of Dalian - failed to submit self-examination reports with their application materials and financial status after a requirement by the CSRC in late March.

The Securities Journal reported that the Bank of Chongqing's application for an IPO is "still under way" citing a source with the lender. The source said the reasons for the failure to submit a self-examination report were "unclear", according to the Securities Journal.

The CSRC said in January that if IPO applicants weren't able to submit self-examination reports, issuers and sponsors could ask to suspend the IPO application process and extend the deadline of the report submission to May 31.

Bank of Chongqing recently changed its proposal to raise funds through an IPO in the A-share market only to the A-share or H-share market, which indicates that the lender is considering raising funds through a listing in the overseas market, as the domestic channel has been frozen and there's no scheduled timetable for its reopening yet.

More than 800 applicants are waiting to get approval from regulators to be listed in Shanghai or Shenzhen.

None of China's urban commercial banks have been listed in the domestic stock market since 2007.