In Depth: Why China’s Tightening Its IPO Regulation

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China is tightening its grip on the country’s stock market with a set of new guidelines, hoping to arrest the protracted slump in share prices, improve the quality of listed companies, and restore investor confidence. Market observers, however, warn that the measures could jeopardize the landmark overhaul of the IPO system introduced five years ago and shut out innovative small companies in emerging industries.