A New Year, but the Same Old Stock Market
The new year was to have brought a new beginning for China's stock market. Instead, investors who were set to welcome the return of IPO action after a suspension of 14 months were disappointed by news on January 10 that Jiangsu Aosaikang Pharmaceutical Co. Ltd. was putting its anticipated initial public offering on hold.
The abrupt postponement has sparked questions about the regulator's reform agenda. Clearly, at a time when it is trying to clarify its own role vis-à-vis the market, the regulator has yet to master the art of timing. Xiao Gang, chairman of the China Securities Regulatory Commission, said at a work conference this month that reform will see a complete overhaul of the regulator's scope of oversight of the capital market. Its recent actions must be seen in light of this pledge.
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