Securities regulator to foster innovation with revised IPO rules

China's securities regulator has pledged to reform rules covering initial public offerings to foster the development of innovative and technological companies, and to better serve the country's economic growth.

The China Securities Regulatory Commission said it will make the existing IPO rules more inclusive and supportive of companies with new technologies or new business models. The CSRC made the comments in a statement released on Wednesday after holding its annual work conference this week.

The decision to reform the listing rules for the Chinese mainland's stock markets come after other stock exchanges - including the Hong Kong and Singapore bourses - stepped up efforts to attract innovative companies by allowing dual-class share structures.