China stock regulator resumes IPO approval reviews

July 10, 2009

   SHANGHAI, July 10 (Reuters) – The China Securities Regulatory Commission (CSRC) said on Friday it would restart its reviews for approving initial public offerings (IPO) next week, having suspended them since last September.
   The CSRC will on Wednesday review applications for the IPOs of Shanghai Chaori Solar Energy Science and Technology Co and Anhui Xinlong Electrical Co, it said in a statement on its website,
   Shanghai Chaori, in a draft share issue prospectus also published on the website, said it would issue up to 40 million yuan-denominated A shares, or 25.81 percent of its expanded share capital after the IPO, for a listing in Shenzhen.
   Proceeds would be invested in a project to develop solar energy, which would cost about 601 million yuan ($88 million), it said.
   Anhui Xinlong, an electricity generation equipment producer, would issue up to 28 million A shares on the Shenzhen bourse, or 25.5 percent of its expanded capital, to raise up to 165 million yuan for technical upgrading, it said in its prospectus.
   China quietly suspended IPO reviews and issuance last September as the stock market <.SSEC> slumped, but it has jumped more than 60 percent this year, so IPOs were allowed to resume last month.
   After the resumption, two IPOs were listed on the Shenzhen bourse on Friday, the first in 10 months. Their shares doubled upon listing, boding well for the coming IPOs. [ID:nSHA157992] (Reporting by Lu Jianxin and Ben Blanchard, editing by Will Waterman) ((; +86 21 6104 1792; Reuters Messaging: ((If you have a query or comment on this story, send an email to
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 Friday, 10 July 2009 12:32:01RTRS [nSHA276158] {EN}ENDS

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