Reuters 3 June 2013
China National Building Material Co Ltd (CNBM) and Bank of Dalian have ditched their plans to list shares domestically, highlighting the impact of Beijing’s suspension of initial public offerings.
The number of IPO applicants in China has fallen to 666 from more than 800 last November, when the China Securities Regulatory Commission (CSRC) froze the IPO market and started inspecting applicants’ books for evidence of fraud, according to latest data posted on its website.
So far, most of the companies that have voluntarily dropped their IPO plans because of poor accounting quality or a slump in their businesses which has disqualified them from listing have been privately-owned.
Among the 16 Chinese banks which have applied for domestic listings, Bank of Dalian is the first to pull out.
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Two Chinese state-owned firms drop IPO plans amid crackdown
