(Yicai Global) Sept. 5 – China's Securities Regulatory Commission substantially streamlined the issue approval committee of the ChiNext board, a NASDAQ-style board index last Friday.
The number of members will be cut from 35 to 25, some of whom would be full-time and the majority would be people from outside the commission, the CSRC said on Sept. 2.
Under the new IPO system, stock exchanges will now be responsible for reviewing and the CSRC for registration. The country's issue approval system will be eliminated.
Committee members will serve one year for each term, can be re-elected, and can serve for up to three consecutive terms.
The 16th issue approval committee of the main board completed its member change in May 2014, then consisting of 16 full-time members and nine part-time members. The sixth issue approval committee of the ChiNext board completed its member changes in September 2014, consisting of 16 full-time members and nineteen part-time members.
It decided to extend the term of members of the main board's 16th issue approval committee to better coordinate with the registration-based IPO system reform. Since then, the main board's committee has been referred to as the last of its kind, the securities commission announced last May.