CSRC takes heavy hand with mainland IPOs

The China Securities Regulatory Commission (CSRC) may have pressured a pharmaceutical company to delay its IPO while also saying it would strengthen supervision over IPOs, Reuters reported. Jiangsu Aosaikang Pharmaceutical said on Friday it had delayed its IPO after the sale was “too big,” pricing at 67 times its 2012 net profit. Sources told Reuters that the regulator had pressured the halt. While denying that, CSRC said on Sunday that it will make random inspections on the procedures of book-building and roadshows. It had promised a more hands-off approach to IPOs after resuming them earlier this month following a 15-month hiatus.