Corruption cloud at CSRC could delay new listings

Resumption of new A-share offerings could be delayed with investor confidence shaken over last month's arrest of a China Securities Regulatory Commission (CSRC) listings official, according to a report in the South China Morning Post. Wang Xiaoshi, a deputy director-level officer, was charged with corruption, along with Lin Bi, an associate who ran an investment management company in Beijing. While working in Shenzhen before being reposted to Beijing, Wang was said to have set up a firm that reportedly sold the names of listing committee members, charging up to RMB300,000 a name, to listing applicants for lobbying purposes.