Regulator: New listing norms soon

China's securities regulator is expected to unveil a draft of the new listing scheme soon, Fan Fuchun, vice-chairman of China Securities Regulatory Commission (CSRC), said on Friday.

"The huge gap between the issuing price and the opening price set through collective bidding has to be addressed first and that's why we have suspended new initial public offerings (IPOs) for the time being," said Fan, also a member of the Chinese People's Political Consultative Conference.

In many cases, bids for new issues were in excess of their underlying value. For instance, PetroChina Company Limited (PetroChina) got listed on the A-share market in late 2007, with an opening price of 48.6 yuan. The scrip began to fall soon after listing and consequently many investors burnt their fingers.