China's securities regulator pledges improved supervision standards

The China Securities Regulatory Commission said on Friday it will significantly increase on-site inspections of companies planning to get listed as part of its efforts to strengthen the crackdown on fraudulent issuances.

Yan Bojin, chief risk officer of the CSRC and head of the commission's department of public offering supervision, said the CSRC currently has no plans to retrospectively investigate into past IPOs in the past ten years, dispelling recent media reports speculating investigations.

Yan said such rumors reflect investors' concern for the quality of listed companies and the CSRC will further improve listed company quality by strictly scrutinizing and imposing heavy penalties for financial frauds and fraudulent issuances.

"Whether companies that are being reviewed to go public or those that are already listed — no matter when they were listed — are all subject to the continuous, strict supervision of the CSRC," Yan said at a news conference held by the CSRC on Friday, the first one since new CSRC Chairman Wu Qing took office.