Reforms are in the works for initial public offerings on the Chinese mainland stock exchanges, after a nine-month suspension of new issues, but industry experts do not expect a fundamental improvement in the listing process from the proposed changes.

On June 7, the China Securities Regulatory Commission released a draft set of IPO reforms for comment by financial institutions.

Market participants believe the reform proposal is a signal that the IPO moratorium, which began in November, will soon end. There are at least 677 companies waiting for their chance to be listed.