Table of Contents
Part I. Conclusions and market implications.........................3
Part II. Investors’ questions regarding the latest IPO Reform
...................................................................................................4
How manyIPO cases are pending in the process?....................................................4
What is the exact timeline of IPO resumption and Listings?.....................................4
How much amount of equity capital is expected to be raised after IPO resumption?..5
Why do the regulators reform the IPO market again?...............................................5
What are the problems solved through the reform?...................................................6
What is the gap between the current IPO mechanism in China and the international
practices?................................................................................................................7
What would be the impacts to the domestic secondary markets?...............................7
Background: The history of IPOs reform in China...............8
The eight times of IPOs suspension.........................................................................9
A wide dispersion of domestic equity market performance during IPO suspension
periods....................................................................................................................9
Appendix.................................................................................12
A summary of new listingrules.............................................................................12
The investigated fraud cases..................................................................................13