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15.12.25 - 20:01
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Beijing Bourse Weighs IPO Rule Overhaul as Capital Freeze Hits 700 Billion Yuan (Caixin)
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The Beijing Stock Exchange is reviewing a possible overhaul of its initial public offering (IPO) subscription system to curb rampant speculation, as a surge in new listings ties up hundreds of billions of yuan in idle funds and weighs on market liquidity.The bourse is evaluating the conditions for switching from its current cash-based subscription system to a market-capitalization-based allotment method. A person familiar with the matter told Caixin that exchange officials are assessing the prerequisites for such a change. The bourse has previously conducted related research with market participants. The move comes amid rumors, denied by several brokerages, that online testing for the new system was already underway.The prospective reform would target the liquidity stress triggered by the current cash-upfront subscription model, which encourages investors to stockpile funds for arbitrage plays instead of holding shares—disrupting short-term financing markets in the process.Investor interest has soared a...
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14.12.25 - 10:06
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Vanke′s bondholders reject extension plan on 2 billion yuan of bonds, raising default risk (SCMP)
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China Vanke failed to secure bondholder approval to extend by one year a bond payment due on Monday, a filing showed, increasing the risk of default for the developer and renewing concerns about the crisis-hit property sector.
The setback for state-backed Vanke, one of China's highest-profile developers with projects in major cities, renews concerns about the property sector, where some of the country's best-known developers have defaulted in recent years.
The rejection in a three-day vote that......
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