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1. CSRC plans stiffer regulations for "backdoor listings"

The China Securities Regulatory Commission publishes plans Friday to increase supervision of asset restructuring and mergers of listed companies.

The China Securities Regulatory Commission published plans Friday to increase supervision of asset restructuring and mergers of listed companies, subjecting "backdoor listings" on China's stock exchanges to close scrutiny similar to that faced by initial public offerings. The draft regulation would bolster supervision of poorly performing companies in an attempt to prevent insider trading and accounting fraud. In a backdoor listing, a private company acquires a listed firm and uses it as a "shell," moving its assets to the public firm and essentially listing under the acquired company's name. Under the proposed regulation, a private firm must have been in business for three years and made total profits of more than 20 million yuan over its last two years to act as a shell company in a backdoor listing.