1. Text: | Print|

      Firms drop IPO plans amid CSRC checks

      2013-10-14 08:15 Global Times Web Editor: qindexing
      1

      More than 30 percent of companies lining up for initial public offerings (IPOs) decided to drop their applications during on-site inspections of their financial reports and information disclosure by the China Securities Regulatory Commission (CSRC). the CSRC said over the weekend.

      The CSRC, which suspended approval of IPOs last October, started a comprehensive inspection program for IPO candidates' financial reporting last December, in an effort to ensure that the applicants were offering accurate and complete information for potential investors.

      According to the CSRC, 622 companies offered self-compiled financial reports during the inspection process, but 268 of them later asked the CSRC to stop checking their reports.

      The CSRC found that some companies had failed to post accurate information and had weak inner controls. It also found that certain firms had violated laws and regulations by fabricating deals and exaggerating their profits, the commission said.

      According to the CSRC, companies that have seriously violated the rules, such as Henan Tianfon Energy-Saving Panel Science and Technology Co and Guangdong Qiu Sheng Resources Co, will face further checks.

      Dong Dengxin, a professor of finance at Wuhan University of Science and Technology, told the Global Times Sunday that while some companies intend to mislead investors, others that began their applications years ago may have just failed to meet the updated requirements. These firms should not be punished and should still be eligible for IPO applications, Dong said.

      The CSRC said it has "asked sponsor institutions to be more honest and take the responsibility to carry out the proper level of due diligence," although it didn't mention any specific investment banks, accounting firms or brokerages that have not met its requirements.

      Zhu Lixu, an analyst with Xiangcai Securities, told the Global Times Sunday that sponsor institutions should be punished heavily if they are found to have helped IPO candidates report misleading information.

      "The institutions' incentive to report wrong information should be removed, or they will always figure out a way to help unqualified companies go public, and the effects of only doing inspections on IPO candidates will be limited," he said.

      The CSRC said Friday that it has started new probes into possible information disclosure violations by six listed companies, including beverage packaging firm Zhuhai Zhongfu Enterprise Co and Qingdao Evercontaining Electric Co.

      The commission initiated 39 such investigations in September, 150 percent more than the average number of the first eight months, it said Friday.

      Both Dong and Zhu said IPO approvals are likely to start again soon.

      "The commission has done all it can do to ensure the quality of the applicants," Zhu said, and approvals should start again "in November or December this year, soon after the Third Plenary Session of the 18th Communist Party of China Central Committee in November."

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 国产精品免费_区二区三区观看| 免费观看久久精彩视频| 久久精品免费一区二区喷潮| 亚洲国产精品专区| 在线观看H网址免费入口| 亚洲天堂福利视频| 成年女人18级毛片毛片免费观看| 亚洲日韩国产精品无码av| 成人黄色免费网址| 亚洲精品二三区伊人久久| 免费影院未满十八勿进网站| 亚洲一级免费视频| 欧洲美熟女乱又伦免费视频| 亚洲va中文字幕| 亚洲А∨精品天堂在线| 国产免费高清69式视频在线观看| 久久精品亚洲福利| 污视频在线免费观看| 亚洲高清不卡视频| 久久这里只有精品国产免费10| 亚洲av永久中文无码精品| 婷婷亚洲天堂影院| 暖暖免费日本在线中文| 亚洲美女视频网站| 黑人粗长大战亚洲女2021国产精品成人免费视频 | 最近高清中文字幕免费| 亚洲一卡2卡4卡5卡6卡残暴在线| 成人一a毛片免费视频| 男人和女人高潮免费网站| 亚洲AV无码久久| 岛国大片免费在线观看| 成人午夜免费视频| 亚洲视频一区在线观看| 国产成人免费网站在线观看| 在线免费观看伊人三级电影| 亚洲人成人77777网站不卡| 免费观看国产小粉嫩喷水| 免费人成毛片动漫在线播放| 亚洲欧美一区二区三区日产| 亚洲精品~无码抽插| 亚洲精品国产高清嫩草影院|