2012 Review: Capital Markets – market reforms, SME boards and shareholder fundraising

January 04, 2013 | BY

clpstaff

The China Securities and Regulatory Commission (CSRC) rolled out a series of reforms in 2012 that showed that its commitment to opening up the country's capital markets remains strong



Despite the country's stock markets falling in 2012, practitioners stayed optimistic about the domestic IPO market in 2013. In particular, they were excited about the long-awaited New Third Board, an over-the-counter trading system, serving high-growth small and medium-sized enterprises (SMEs).

“I am optimistic for 2013,” said Dai Guanchun of Jingtian & Gongcheng, although he admitted that the turnover of IPOs in 2012 was not great. “At the beginning of the year, there were too many IPOs approved and most of them were not generating profits for investors,” he said.

The enthusiasm for overseas IPOs also cooled down, with many Chinese companies delisted from the US market. Wayne Chen of Llinks Law Offices believes future issuers on the A-share market would have great potential in 2013.

This premium content is reserved for
China Law & Practice Subscribers.

  • A database of over 3,000 essential documents including key PRC legislation translated into English
  • A choice of newsletters to alert you to changes affecting your business including sector specific updates
  • Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
For enterprise-wide or corporate enquiries, please contact our experienced Sales Professionals at +44 (0)203 868 7546 or [email protected]