China plans 100 IPOs in second half of 2014  

证监会：下半年计划发行新股100家 按月均衡上市

中国证监会19日召开会议，研究贯彻国务院《关于进一步促进资本市场健康发展的若干意见》。证监会主席肖钢在会议上表示,从6月到年底，计划发行上市新股100家左右，并按月大体均衡发行上市。 [查看全文]

(ECNS) – The China Securities Regulatory Commission (CSRC) unveiled plans for about 100 initial public offerings (IPOs) from June to the end of the year.

"To stabilize market expectations, we plan for about 100 companies to go public, with a balanced number of IPOs each month," said CSRC Chairman Xiao Gang at a Monday meeting.

It's the first time that CSRC made known to the public its IPO plans, and is part of China's plan to revamp its IPO rules on the ChiNext Board, a NASDAQ-style stock board.

As the number of new share issuance is well below earlier speculations, the ChiNext index rebounded by 1.71 percent in morning trade, and both the Shanghai and Shenzhen Index climbed higher.

Xiao also mentioned an array of capital market reforms to regulate and open up China's tightly controlled financial sector.

He called for a registration-based system that fits the Chinese market, including stock issuance conditions, listing requirements and audit methods.

Xiao also stressed the importance of more information disclosure, equity incentives, and monitoring over issuers and intermediaries.

Listed companies are encouraged to set up a market value management system to improve their equity incentive mechanism and allow their shares to be held by employees. China will also enhance delisting enforcement on those that fit the provisions.

In terms of mergers and acquisitions, Xiao calls for the capital market to play a bigger role in pricing and transaction, and to expand investment channels and diversify payment methods.

Xiao also said China needs to strengthen the development of a multi-layered equity market to help finance small and medium-sized companies.