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| 2 IPO Application Approved, 1 Vetoed |
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The China Securities Regulatory Commission (CSRC) on Tuesday deliberated on initial public offering (IPO) applications from three companies, with two approved and one vetoed. The CSRC started reviewing the IPO plans of the Dalian Zhangdao Fishery Group, Zhejiang Dongliang New Material and Zhejiang Jiakang Electronics on Monday, after its three-week suspension of IPO reviews. Of the three companies, Jiakang Electronics' application was declined but the CSRC has not yet publicized the reason. Four companies whose IPO applications were approved by the CSRC will list on the Shenzhen bourse Wednesday. The four companies, Beijing DHC Digital Technology, Ruitai Technology, Zhejiang Huafeng Spandex Corp. and Yuanguang Soft, will see share issues of 17.3 million, 12 million, 28.4 million, and 22 million traded on the Shenzhen Stock Exchange, where shares in smaller-capitalized companies are traded compared with the major bourse in Analysts say that the watchdog permitted the four companies to list on the same day in order to mitigate speculative betting on new shares. Chinese investors expect newly listed stocks to do well and provide quick profits. CAMC Engineering, the first Chinese firm to launch an IPO in June following the lifting of a year-long ban on new shares offerings, saw its price rocket as high as 50 yuan on its first trading day due to wild speculation. Its issuance price was a paltry 7.4 yuan. (Xinhua News Agency August 23, 2006)
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