February 23, 2018 / 9:43 AM / in a year

China securities regulator proposes to delay IPO reform

SHANGHAI, Feb 23 (Reuters) - China’s top securities regulator Liu Shiyu has proposed to delay a deadline for the government to authorise a registration-based initial public offering mechanism until Feb. 29, 2020, the official Xinhua News Agency reported on Friday.

The original deadline would expire on Feb 28 this year, Xinhua said.

China announced plans in 2015 to shift to a U.S.-style registration system for stock market flotations on the Shanghai and Shenzhen exchanges.

The State Council is awaiting approval from the National People’s Congress, or parliament, on the IPO reform proposal.

Xinhua did not provide details for the proposed delay. (Reporting by Beijing and Shanghai newsrooms; Editing by Jacqueline Wong)

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