IPO vetoes by watchdog soar

China's securities regulator has refused 46 A-share initial public offering applications this year, exceeding the total amount for the previous four years, a move to promote the reform of the registration-based IPO system and guarantee steady development of the stock market.

The 46 vetoes represent 13.6 percent of the 338 Chinese IPO applications reviewed through Aug 15 by China Securities Regulatory Commission, according to data from Wind, an information service provider.

The veto rate for each year from 2013 to 2016 was no higher than 7 percent.