IPO milestones
On Nov 30, 2013, the China Securities Regulatory Commission said that the nation would resume initial public offerings in January 2014 after a freeze lasting longer than one year. A reform plan for new listings was carried out.
On Dec 30, 2013, the CSRC said five companies out of 82 that had finished the IPO review and approval process received formal approval for their offerings. Another six companies got formal approval the next day.
On Jan 9, 2014, drug producer Jiangsu Aosaikang Pharmaceutical Co Ltd announced a plan to issue 55.5 million shares at 72.99 yuan ($12.07) per share, representing a price earnings ratio of 67, far higher than the average PE for the pharmaceutical sector. In the offering, 43.6 million of the shares issued were to be transferred from existing shareholders.
