China's CSRC looks to bookbuilding

New rules could blow open A share market IPO system.

The China Securities Regulatory Commission CSRC has put out draft rules to encourage a book building process with investors - a radical departure from past practice. Market participants have been given until September 5 to respond.

Book building is a price discovery process used by international banks to fine tune the pricing of the IPO they are underwriting. Pricing is determined over a two week to one month process during which the deal's syndicate banks hype...

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