China securities regulator to strengthen inspections on firms planning IPOs

BEIJING, April 8 (Xinhua) -- China's top securities regulator has said it would strengthen inspections on firms planning initial public offerings (IPOs) this year by increasing the intensity of inspections.

The move, in line with a pledge in March by China Securities Regulatory Commission (CSRC) Chairman Wu Qing to effectively pursue whole-process supervision in all links in efforts to nurture a sound capital market, was revealed in a CSRC budget report recently published on its website.

According to the report, inspections will be carried out on at least 25 percent of firms planning IPOs this year, up from at least 5 percent in 2023.

Meanwhile, scrutiny over listed companies, bond issuers, and companies listed on China's "new third board" will also be intensified this year, according to the report. The "new third board," officially named the National Equities Exchange and Quotations, offers small and medium-sized firms a new financing channel with low costs and simple listing procedures.