UPDATE 1-China IPOs may restart earlier than expected - sources
(Adds confirmation from investment bank sources)
By David Lin and Gabriel Wildau
SHANGHAI, April 16 (Reuters) - China's securities regulator has ordered underwriters to update application materials for firms waiting to list, sources told Reuters on Wednesday, raising hopes that an eight-week stall in initial public offerings on mainland China stock exchanges will end soon.
The official Shanghai Securities News reported Wednesday morning that the China Securities Regulatory Commission (CSRSC) has told underwriters to complete their submissions of revised disclosure materials as early as the end of this week. Four sources at investment banks confirmed to Reuters they had received CSRC instruction to update their disclosures with the latest 2013 financial statements.
CSRC told IPO applicants in January that they needed to update their application materials to reflect their latest earnings and financial positions. Once the firms have submitted their updates, CSRC may re-start IPO approvals for the roughly 700 firms waiting to list, the paper reported.
CSRC chairman Xiao Gang said last week that IPOs had not been halted but had only paused to allow companies to update their disclosures.
China allowed IPOs to resume in early 2014 after a hiatus of 14 months, allowing around 50 already-approved companies to list on the Shanghai and Shenzhen exchanges.
(Additional reporting by the Shanghai Newsroom; Writing by Pete Sweeney; Editing by Kenneth Maxwell)