TIMELINE-Major events in China's latest IPO reforms and setbacks
SHANGHAI Feb 19 (Reuters) - China resumed initial public offerings (IPOs) in January after a 14-month suspension, with 45 firms floating shares and raising a combined 32.1 billion yuan ($5.3 billion) in the month.
To support the resumption, the China Securities Regulatory Commission (CSRC) launched a slew of reforms in November but has been forced to pull back some and add new restrictions so as to curb irregularities, leading to a dozen firms postponing IPOs, although some have later re-launched IPOs after adjustments.
Here are the major events and setbacks for IPO reforms.
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Nov. 30 - The CSRC announces a slew of IPO reforms to boost the market to pave the way for IPO resumption in January, saying about 50 firms to be listed in the month.
Dec. 14 - The CSRC issues fresh details on the reforms, eliminating pricing and turnover curbs for IPOs.
Dec. 31 - Five companies publish share issue prospectuses to launch IPOs in January.
Jan. 8 - Zhejiang Wolwo Bio-Pharmaceutical Co and Guangdong Xinbao Electrical Appliances become the first two IPO firms to float shares, attracting heavy subscriptions.
Jan. 10 - Drug maker Jiangsu Aosaikang Pharmaceutical Co announces it will postpone its IPO due to problems including setting the issue price too high and trying to sell too many existing shares in the IPO.
Jan. 12 - The CSRC says that any company that prices its IPO at a premium to its industrial peers in the secondary market, measured by the respective price-to-earnings (PE) ratios, must delay opening subscriptions to retail investors by three weeks.
Jan. 13 - Five firms say they have postponed IPOs in response to the latest CSRC rules a day ago.
Jan. 14 - Three companies decide to sell shares at valuations much lower than those of peers.
Jan. 15 - The CSRC says it has begun inspections of IPO pricing behaviour, targeting 13 underwriters and 44 institutional investors.
Jan. 17 - Prices of Neway Valve shares rise 43.5 percent on the first day of trading on the main Shanghai Stock Exchange in the mainland's first listing since the IPO resumption.
Jan. 18 - In a rare case, Gansu Hongliang Leather Co announces it has put off its issue because of questions from the media about its financial data, including its profits.
Jan. 20 - Shaanxi Coal Industry Co raises 4 billion yuan ($661 million) in China's largest IPO since 2012, but it has cut its fund-raising target by more than half partly under pressure due to the new regulations about pricing.
Jan. 21 - Eight companies list on China's smaller Shenzhen Stock Exchange, the first listings on the bourse since IPOs resumed. All hit their daily limit-up and many continued jumping to limit-up in the following few days, reflecting huge speculative interest among Chinese retail investors in small caps.
Jan 26 - Zhejiang Wolwo and Chengdu Tianbao Heavy Industry Co announce trading in their shares to be suspended indefinitely after media reports alleged irregularities in their IPO, such as under the table deals to allocate IPO shares.
Jan. 27 - CSRC Chairman Xiao Gang admits that problems have crept up in the new IPO reforms, but reaffirms that the government will maintain market-oriented direction for reforms of the stock market.
Jan. 27-29 - At the peak of new listings since the IPO resumption, 24 firms list in the Shanghai and Shenzhen bourses over three days.
Shaanxi Coal jumped in its Shanghai debut on Jan. 28, but plunged from the second day to near its IPO price, reflecting an investment culture shunning large-capitalised blue chips.
($1 = 6.05 Yuan) (Reporting by Lu Jianxin and Pete Sweeney; Editing by Jacqueline Wong)
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