2024-03-15 13:19:54
By: | Keywords: China-stock market-control
english.china.org.cn | Updated on 03-15-2024
Xinhua News Agency | 15. 03. 2024
China’s securities regulator will issue three guidelines to strengthen supervision over initial public offerings (IPOs), listed companies, brokers and public offering funds.
It will also issue a directive to improve its capabilities, Li Chao, vice chairman of the China Securities Regulatory Commission (CCBC), said on Friday.
The regulator will step up its fight against financial fraud, targeting five types of illegal practices in particular, announced Guo Ruiming, head of the CCBC’s listed company supervision department.
These are long-term systemic fraud and cooperation of third parties in fraudulent activities, fraudulent issuance of stocks and bonds, abuse of accounting policies to manipulate profits, falsification through activities such as trade finance, and fraudulent actions that harm the interests of listed companies, Guo said.
The regulator noted that it would strengthen random sampling and on-site investigations of companies likely to be listed on the stock exchange.
Yan Bojin, head of the CCBC’s public offering supervision department, said the commission will conduct in-depth investigations into companies that withdraw their listing applications when subject to on-site investigations, implying that even if they withdraw their requests, they will still be investigated.
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