Requirement for official approval to list in China could end in October

The National People’s Congress (NPC) has begun reviewing amendments to China’s securities law that would relieve the China Securities Regulatory Commission (CSRC) of its role in assessing IPO applications and approving share flotations on mainland stock exchanges, South China Morning Post reported, citing unnamed sources. The rubber-stamp legislature’s third and final round reviewing the changes is expected to take place in October, and in March CSRC chairman Xiao Gang said the new registration system would be launched after the NPC had endorsed the amended law. The CSRC has had final say on IPO approval, pricing, timing and volume since mainland stock markets re-opened in the early 90s.