IPO registration system 'likely next year'

A long-anticipated registration-based system for new share sales is likely to be launched next year after the Shanghai and Shenzhen bourses complete a detailed draft of listing rules and requirements, a former member of the securities regulator's review committee for initial public offerings said on Thursday.

"The likelihood of the registration-based system being introduced this year is very slim," said Wang Yang, head of A-share business at accounting firm Ernst & Young LLP. She had served as a member of the main board IPO committee of the China Securities Regulatory Commission during the past three years.

There will be a transitional period of about two months for the switch from the approval-based IPO system to a registration-based one. During the initial phase, the CSRC will continue to issue guidance regarding IPO prices to protect investors' interests, according to Wang.