China Domestic IPOs More Than Double in Size: Journal

China’s domestic security firms raised CNY113 billion in initial public offerings this year as of Feb. 8, 229% more than the same period a year ago, the China Securities Journal said. The increase in capital raised contrasts with a smaller number of IPO applications approved, which numbered 33 out of 36 submitted, compared with 76 out of 83 last year, which indicated tighter regulatory scrutiny, the newspaper said. Citic Securities led with CNY34.9 billion underwritten, followed by CICC’s CNY27.6 billion, the journal said. China is expected to fully implement the so-called stock registration system reform on its mainboards this year, the journal said. The new system, more in line with other mature capital markets, will allow more companies to meet the listing criteria and boost the overall IPO market.