China is planning to roll back curbs on private share placements by companies to...
FILE PHOTO: A woman looks at an electronic board showing stock information at a brokerage house in Hangzhou, Zhejiang province, China May 30, 2018. REUTERS/Stringer
The curbs were put in place by regulators two years ago amid concerns about abuse by companies and investors and a lack of transparency on such share sales, which were frequently below the stock’s last openly traded price. Private placements in China jumped five-fold from 2013 to $172 billion in 2016, skirting regulators’ controls on initial public offerings and raising concerns that companies were raising too much money for inefficient or speculative purposes.
However, the crackdown on private placements meant many firms had to turn to raising debt instead, adding to the sizeable corporate debt burden in China.
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