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China securities regulator says IPO reform does not mean 'unrestrained' freedom

Friday, 10 Jan 2014 | 3:55 AM ET

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BEIJING, Jan 10 (Reuters) - China's securities regulator on Friday said new reforms in the country's initial public offerings market does not mean 'unrestrained' freedom, and that there must not be any manipulation of new share prices.

The comments come after a small Chinese drug maker said it has postponed its listing until an appropriate time because "the proposed issuance was too big."

A spokesman for the China Securities Regulatory Commission did not refer to the IPO by Jiangsu Aosaikang Pharmaceutical Co Ltd, but said, "Market based IPO reform does not mean unrestrained freedom. There must not be manipulation of new share prices."

(Reporting by Zhang Xiaochong and Jonathan Standing; Writing by Kazunori Takada; Editing by Christopher Cushing)