Chinese firms rush to withdraw IPO applications amid tighter scrutiny

Shanghai, China. Source:
Ralf Leineweber/Unsplash

Chinese firms have flocked to pull planned initial public offerings this year after regulators moved to tighten requirements to protect investors and safeguard financial stability.

A total of 84 companies have withdrawn their applications this year, compared with 9 in the first quarter of last year and the most in three years. The technology-focused Shanghai Star and Shenzhen ChiNext markets are seeing the most cancellations, according to Bloomberg-compiled data.

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