Xiao Gang, the chairman of China’s regulator, the China Securities Regulatory Commission (CSRC), has said that a new draft of China’s IPO reform plan will be released by the end of this year.
He was speaking at the Boao Forum held on Hainan Island in China last week. He also said that the CSRC would continue to promote mutual recognition of funds between the mainland and Hong Kong.
Xiao also projects the expansion of the ‘qualified foreign institutional investor’ (QFII) scheme in both scope and quota. According to the State Administration of Foreign Exchange, as of 28 March 2014, the total quotas for QFII and ‘renminbi qualified foreign institutional investor’ mechanisms stood at US$ 53.58 billion and RMB 200.50 billion respectively.
Xiao Gang mentioned in a speech we reported in February 2014 that there would be more regional exchanges opening up this year, and one new arrival has met that prediction with the launch of the Shandong Financial Assets Exchange Centre, which has been approved by the Shandong Provincial Government and now officially established as a provincial-level financial assets exchange platform.
It will provide service for multi-asset classes from registration and trading to settlement for local financial organizations, micro and small enterprises and individual investors.