CSRC terminates reviews for 111 IPO applications

The China Securities Regulatory Commission has terminated reviews of more than 111 applications for initial public offerings in China's stock market since 2012 until now, the Securities Journal reported on Friday.

Since the beginning of 2013, as many as 48 IPO applications have been terminated, while reviews for another 11 applications have been suspended, according to CSRC data.

Analysts said that inadequate earnings, lack of clearly established ownership and irregular performance records were the main reasons behind the unsuccessful applications.

The CSRC released a circular in last December requiring companies waiting to be listed to do self-checks in order to make sure that all the application materials, performance records and facts submitted for review are accurate.

Underwriters for pre-listed companies must first complete their re-evaluations of their companies' financial situations before proceeding with the applications, according to the CSRC circular.

As of March 29, as many as 841 companies were awaiting reviews for initial public offerings.