January 12, 2014 / 11:26 PM / 4 years ago

Five Chinese firms postpone IPOs as regulator tightens supervision

SHANGHAI (Reuters) - Five Chinese firms announced on Monday that they had postponed their initial public offerings (IPOs) after China’s stock regulator said overnight it would strengthen its supervision of IPOs.

A bell bearing the logo of the Shenzhen Stock Exchange is seen during a companies listing ceremony in Shenzhen, Guangdong province February 25, 2011. REUTERS/Stringer

The companies, all of which planned to list on China’s Shenzhen stock exchange, made the announcements in filings to the exchange.

The China Regulatory Commission said in a statement late on Sunday that it would strengthen its supervision of IPOs, after a small drug maker postponed its share sale saying it was “too big”.

The stock watchdog, which had promised a more hands-off approach to IPOs after resuming them earlier this month following a 15-month hiatus, said it will step up monitoring of the deals and their pricing.

Reporting by Lu Jianxin and Pete Sweeney; Editing by Richard Pullin

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