Deadline for IPO reforms extended by two years

Move gives government more time for shifting to registration-based system

China's top legislature has extended the deadline for the government to launch registration-based initial public offerings for another two years, a move reflecting a gradual and cautious approach of the country's IPO reform, analysts said on Monday.

The top legislature had earlier given an authorization to the central government to shift from the approval-based IPO system to the registration-based system two years ago. The earlier approval was scheduled to expire on Wednesday. The new deadline for the authorization will now expire on Feb 29, 2020.