April 27, 2020 / 11:36 AM / 2 months ago

China approves IPO reform scheme for Shenzhen's ChiNext -state media

BEIJING, April 27 (Reuters) - China’s central government on Monday approved a scheme for initial public offering (IPOs) reforms on Shenzhen’s start-up board ChiNext, state media reported.

The move will introduce a registration-based IPO system for ChiNext as part of efforts to deepen reforms in China’s capital markets, the official Xinhua News Agency reported.

China first introduced the U.S.-style IPO system in Shanghai’s newly established STAR Market. Currently, Chinese IPOs outside the STAR Market require regulatory approval.

Reporting by Beiing Newsroom

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