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IPO approval streamlined to spur private investment

Approval procedures related to initial public offerings have been scrapped as part of the nation's efforts to cut red tape and spur private investment. Chinese companies no longer need a go-ahead from the foreign-exchange regulator to bring back money raised in overseas share sales, according to a State Council statement posted on the central government website on Monday but dated Oct 23. The government will also cancel the certification process for sponsor representatives, a qualification for investment bankers overseeing domestic IPOs, the statement said. It will also be easier for companies to send proceeds back home and encourage more overseas share sales, easing the backlog of applications for domestic listings. The China Securities Regulatory Commission has yet to process 603 companies' applications, more than five times the number of completed deals this year, according to statistics from the regulator.

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