China’s securities regulator plans to nearly double the number of people on its IPO approval committee, in order to maintain business as usual amid a boom in applications for listings and refinancing, reported Caixin.
The China Securities Regulatory Commission (CSRC) announced, in a Wednesday statement that there will be 20 new appointees to the 21-member committee, who will join shortly.
Adding people to the committee addresses a practical need, as the committee is relatively small compared to its workload, a source close to the CSRC told Caixin. “There are many IPO projects this year, and the number of refinancing projects has increased sharply since new refinancing regulations were released,” the source said. The previous term’s committee had a headcount of 63, including 21 part-time members.
CSRC data show there was a backlog of 156 companies awaiting approval to list on the Shanghai Stock Exchange’s main board and 260 companies eyeing listings on the Shenzhen Stock Exchange’s SME and ChiNext boards as of April 9.
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