(Yicai Global) Dec. 5 -- The China Securities Regulatory Commission (CSRC) will refuse listings applications from companies that do not meet issuance criteria and crack down on those violating laws and regulations, said Xuan Changneng, the CSRC's assistant to the chair.

The commission will maintain strict regulation to improve the quality of listed companies, he said while participating in a forum at the fourth World Internet Conference.

The regulator will provide greater market allocation for listings of quality companies that meet issuance criteria and national development strategies, as part of efforts to advance transformation and upgrade of the economic structure and improve services related to the capital market, Xuan added.

The CSRC has reduced the average review period for initial public offering (IPO) applications in 2017 from over three years to one year and three months, creating a more predictable market environment. 

The commission's recently established issuance review commission has reviewed IPO applications from 61 companies since October, of which 34 received the go-ahead, 22 were refused and five were deferred. The pass rate for the period was 55.7 percent, compared with 91.14 percent for the whole of last year.

Three companies saw their listing applications turned down last week, marking the first time in the history of China's securities market that no companies received approvals during one review session.