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China stock regulator says it will continue vetting IPOs

Reuters

SHANGHAI (Reuters) - China's securities regulator said it will not stop vetting news initial public offerings, it said on Sunday, after share sales were postponed by 28 companies on Saturday because of recent market volatility.

The Wall Street Journal reported on Saturday, citing unidentified sources, that the government had decided to suspend IPOs to help to stabilize the stock market.

In a statement posted on its official weibo, the China Securities Regulatory Commission said there will not be new IPOs in the near term but it will not stop vetting new deals.

"After the 28 companies suspended their IPOs, there will be no new IPOs in the near term. Going forward, the approvals will not stop but the number of IPOs and the fundraising size will be greatly reduced," the commission said.

(Reporting by Samuel Shen and Kazunori Takada; Editing by David Goodman)