SHANGHAI, April 16 Initial public offerings
(IPO) on China's mainland stock exchanges may restart sooner
than expected, state media reported on Wednesday, after the
securities regulator ordered underwriters to update application
material for firms waiting to list.
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, the official
Shanghai Securities News reported, citing multiple unnamed
CSRC's order concerns 32 companies that have already
submitted preliminary disclosures but later changed the exchange
on which they planned to list, the paper reported.
The regulator has told underwriters to update those
disclosures with the latest 2013 financial statements and an
explanation on why the company is changing its listing location.
CSRC told IPO applicants in January that they needed to
update their application materials to reflect their latest
earnings and financial positions. Once the 32 firms that plan to
change their listing location 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
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.
(Reporting by Gabriel Wildau; Editing by Eric Meijer)