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IPO resumes with TCM firm obtaining first approval |
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14:05, June 19, 2009 |
Information from the China Securities Regulatory Commission (CSRC) shows that Guilin Sanjin Pharmaceutical Company obtained approval to issue shares on June 18. This marks the restart of new A share issuance after it was suspended nine months ago.
Guilin Sanjin passed examination and verification by the Issuance Examination Committee on June 23, 2008. According to its draft declaration, Guilin Sanjin plans to issue no more than 46 million shares, with funds raised expected to exceed 600 million yuan. Online and offline issuance will be held on June 29.
Public information reveals that the company originated from a Guilin traditional Chinese medicine (TCM) plant founded in May 1967. According to a previously disclosed draft, funds raised through the initial public offerings (IPOs) will be used for the technological transformation of characteristic TCM products.
Statistics show that since the issuance of new A shares was suspended in September last year, a total of 33 enterprises have passed examination and verification by CSRC's Issuance Examination Committee but have yet to issue shares. They are expected to issue over 14.4 billion shares.
By People's Daily Online
http://paper.people.com.cn/rmrb/html/2009-06/19/content_278036.htm
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