Regulation of Initial Public Offering of Shares in China

Abstract:     
The regulation of public offering of shares adopts a merit-based model. This short essay provides a comprehensive examination of the legal framework of initial public offering of shares in mainland China, focusing on the required substantive and procedural conditions, the sponsorship system, the underwriting system, the price consultation system, as well as the role of the China Securities Regulatory Commission (CSRC), which is the principal regulator of China's securities markets, in the IPO process. Readers are advised that a few changes have been brought to the IPO law after this paper was published in 2009 but the spirit of the merit-based model remains intact.

Number of Pages in PDF File: 14

Keywords: IPO, securities regulation, securities markets, corporate finance law, China

JEL Classification: K22

Accepted Paper Series