China tightens scrutiny over IPO price-setting, punishes 19 institutions By Reuters
SHANGHAI (Reuters) - China's securities regulators punished 19 institutional investors as authorities tighten scrutiny over price-setting behaviours under a more liberalised listing system. China launched the tech-focused STAR Market in Shanghai in mid-2019, along with the introduction of a U.S.-style, registration-based initial public offering (IPO) system in that market. The Securities Association of China (SAC) said late on Friday that a joint probe recently with the Shanghai Stock Exchange over STAR IPOs had exposed issues with 19 institutional investors. The problems included weak internal controls, inadequate rationale for price-settings, non-compliance with stipulated procedures and...
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