No other sector epitomises the controlled nature of China’s state capitalism as much as the country’s primary equity market. The country’s powerful securities regulator, via its listing assessment committee, decides who among the hundreds of cash-thirsty listing applicants can tap the equity markets and also when and sometimes how they can do it.
Now this decades-old practice is being challenged by the new head of the China Securities Regulatory Commission CSRC, Guo Shuqing, who has publicly questioned whether the regulator should simplify the tedious listing approval process.
And market participants are in favour of the idea that the CSRC shift away from its traditional role...
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