New IPO pricing rules call for greater disclosure

| BY

Janice Qu

Institutional investors can now participate in bookbuilding

To streamline listing and keep a tight rein on excessive valuations, participants in initial public offerings (IPOs) must be more transparent in the pricing process, say counsel.

The China Securities Regulatory Commission (CSRC) further reformed the IPO pricing mechanism by issuing new rules on October 13. The rules expand the participation of institutional investors in the bookbuilding process and strengthened disclosure requirements.

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