China's decision to replace its top securities regulator is set to delay long-awaited IPO reforms and may lead to further consolidation of the country's fragmented bond market. Liu Shiyu, former chairman of the Agricultural Bank of China and deputy governor of the People's Bank of China, took over as chairman of the China Securities Regulatory Commission on February 20, replacing Xiao Gang, who had held the post since March 2013. Market participants welcomed Liu's appointment as a sign of China's determination to rebuild confidence after a series of policy missteps, including the introduction of a short-lived circuit-breaker earlier this year, roiled equity investors. In the short term, however, the move has raised further questions for China's IPO bankers, who had been hoping that long-awaited changes to the approval system would begin to clear a backlog of dose to 750 planned listings.
展开▼
