(Beijing) – Employees of securities firms are concerned by the regulator's intention to tighten reviews of initial public offerings, and two said the move is designed to reduce the number of listing applicants because there were too many.

All of the 882 companies waiting for China Securities Regulatory Commission (CSRC) approval to go public have been required to submit their financials for 2012 by the end of March. The regulator said it would check the results at randomly chosen firms to prevent fraud.