Thursday July 2, 1:27 PM
China firm to be first major IPO in 10 months: report
China's Sichuan Expressway Co is expected to become the first flotation on the Shanghai Stock Exchange since new listings were suspended in September, according to Chinese media.
Sichuan Expressway, already listed in Hong Kong, could unveil its prospectus for listing on the main board in Shanghai at the weekend, the National Business Daily said, citing an unnamed source.
The toll road operator is still awaiting final approval from the China Securities Regulatory Commission for its A-share initial public offering (IPO), the newspaper added.
China's securities regulators halted IPOs in September due to worries that pressure on liquidity would worsen the already ailing domestic stock markets.
The key Shanghai Composite Index gained 63 percent in the first six months of the year to become the world's best performing major market. It plummeted 65.5 percent last year as the global financial crisis kicked in.
The regulator lifted the unofficial moratorium in June by allowing Guilin Sanjin Pharmaceutical to offer shares on the Shenzhen Stock Exchange, the smaller of the country's two bourses.
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