China issues guidelines for new IPOs

Chinese regulators published new guidelines for the resumption of initial public offerings (IPOs) early next year after a 14-month freeze, Reuters reported. On Friday, China Securities Regulatory Commission (CSRC) said it planned to remove pricing and turnover controls for domestic listings, making China’s stock market more responsive to market forces. CSRC has already said it will abandon its approval-based listing system in which government officials decided which companies are able to list, and adopt a US-style registration system in which the market decides reception and pricing of IPOs.