A Chinese regulator's criticisms of the “irresponsible” pricing of initial public offerings has fuelled speculation that Beijing could temporarily halt the new issue market in order to introduce fresh pricing rules.
Official media quoted Zhu Congjiu, assistant to the chairman of the China Securities Regulatory Commission (CSRC), as saying institutions were irresponsibly driving up IPO prices.
The remarks come as mainland IPOs have met with an increasingly tepid response from the markets. Last week, China XD Electric became the first new Chinese stock in five years to end its first day of trading below its IPO price.
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