China slashes red tape for IPOs

Chinese lawmakers agreed Saturday to slash red tape for initial public offerings, approving an amendment to the country’s securities law that also aims to better protect investors and prevent insider trading.

Mainland authorities have recently stepped up moves to attract listings of big tech firms, including launching a new technology board in Shanghai in July, as the country’s economy has stuttered to its slowest rate of growth since the early 1990’s. The listings however do not need approval from the China Securities Regulatory Commission , according to a draft law published Saturday.The revised law includes better protections for minority investors, said Gong Fanrong, director of the finance committee legal team under China’s National People’s Congress.

Companies found guilty of making false or misleading statements or withholding important information from shareholders could face penalties ranging from one to 10 million yuan .Individuals found guilty of insider trading will be fined two to ten times the value of their ill-gotten gains.

Source: Digital Coin News (digitalcoinnews.net)

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