China is reforming the system of the IPO by May 2016

Almaty. December 10. Silkroadnews - By May 2016 the Chinese authorities intend to reform the IPO, informed the newspaper "Vedomosti".
On the eve, the State Council has established a two-year time reference point for the reform. Commission of CSRC (China Securities Regulatory Commission) has already begun to develop initial recommendations for a new system of the IPO and intends to submit it for public consultation in January next year. New rules will be published in March. Stock exchanges in Shanghai and Shenzhen will be transferred to the new system of IPO as early as on May 1st. A statement on the two-year peg period will adjust the current law on securities, the newspaper said.
As noted, at present, Chinese companies have to go through the complicated process of evaluating applications for the IPO, which often takes several years. According to critics of the system, the control of the Government of the IPO market reduces the effectiveness of the stock market as platforms for companies to raise funds.
According to "Vedomosti", about 670 Chinese companies are waiting for the approval of the Chinese authorities to conduct IPOs totaling to about $ 63 billion.