Shares of Chinese brokerages rise on new IPO rules

China Securities Co

20/02/2023 02:14

** Shares in Chinese securities firms  .CSI399707  jump
roughly 2% after the country implements a new IPO system that
might boost brokerage revenues
    ** China's securities watchdog said it implemented new IPO
rules for the newly-adopted registration-based IPO system on
Friday, in a bid to encourage new listings and boost corporate
fundraising
    ** China International Capital Corp  601995.SS  surges
nearly 5% and Xiangcai Co  600095.SS  soars 6%, while China
Securities  601066.SS  and Sinolink Securities  600109.SS  rise
more than 3% each
    ** Citi analysts said the new IPO system would benefit large
brokers with more established investment banking businesses
 (Shanghai Newsroom)
 ((Jason.Xue@thomsonreuters.com))