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The new Securities Law will require that initial public offering (IPO) issuers release information on their application of market listings before the application is approved, chief of the law's amending group said Friday.
Zhou Zhengqing, a member of the Standing Committee of the National People's Congress (NPC), China's top legislature, told a law conference that the requirement is aimed at broadening the channels for public supervision and prevent IPO issuers from obtaining listing qualifications through cheating.
Zhou, former head of the China Securities Regulatory Commission, said the new law requires major shareholders, board directors, supervisors and senior managers bear legal responsibility for the accuracy and integrity of information about listed companies.
(Xinhua News Agency September 10, 2005)
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