China’s stock market regulator has clamped down on the newly reopened initial public offerings market, highlighting fears about fragile investor confidence and dealing a blow to hopes for a market-driven future.
Six groups have pulled listings days after the first new share sales in more than a year took place. Five of the companies, which pulled their deals yesterday, cited Sunday’s statement from the regulator that it would strengthen the supervision of IPOs.
The China Securities Regulatory Commission banned listings for more than a year in November 2012 and worked on redrawing the rules of the market after the Shanghai Composite had dropped almost 40 per cent in two years.
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