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China OKs first major IPO in 10 months - source

(Agencies)
Updated: 2009-07-01 15:40

BEIJING: Chinese regulators have given Sichuan Expressway (0107.HK) final approval to issue 500 million yuan-denominated A shares to be floated on the Shanghai Stock Exchange, the country's first major IPO since last September, a source familiar with the deal said on Wednesday.

Related readings:  Guilin Sanjin says IPO price fixed at 19.8 yuan per share  Guilin Sanjin sets the China IPO ball rolling  IPO lure draws elusive investors back to bourses  IPO norms favor small investors  IPO candidates aim for HK$6b amid call for caution

China had recently given approval to three smaller companies, including traditional Chinese medicine maker Guilin Sanjin Pharmaceutical Co, to launch offerings on the Shenzhen Stock Exchange after lifting a quiet ban on IPOs.

IPOs were suspended last year during a market slump.