IPO最严新规 (IPO zuìyán xīnguī): Strictest rules for IPOs

A newly issued document by the China Securities Regulatory Commission has introduced the strictest regulations for IPOs.

According to the commission, if an enterprise's IPO bid is rejected, it will have to wait no less than three years before trying again.

The Chinese securities regulator also said it will strengthen regulations to stop "back-door listings". That means once a business' IPO is rejected, it will not be able to qualify for the public offering process by purchasing a publicly-traded company.

The securities regulator is implementing more rigorous approval procedures for IPOs to prevent market risk and better serve the real economy. Since the new IPO review committee came into being last October, more than half of the IPO applications have been rejected or suspended.

The commission said it will also strengthen its scrutiny of information disclosure by companies when changes are made to financial reports.