Preparations for IPO reform in full swing

Preparatory work on the long-anticipated registration-based system for initial public offerings is being carried out steadily, the capital market regulator said on Friday without disclosing further details.

The China Securities Regulatory Commission said it will issue a draft plan of the new IPO system and a set of related regulations to solicit public opinion after it gains the approval from the top legislature to implement the reform before completing the amendment of the Securities Law.

Sources close to the Standing Committee of the National People's Congress told China Daily that the legislature will deliberate and approve the IPO reform by the end of this month, clearing the last legal hurdle for the country to adopt the registration-based IPO system.