China shares close flat, reported IPO overhaul cheered

Last Updated: Wed, Jan 09, 2013 07:20 hrs

HONG KONG, Jan 9 (Reuters) - China shares closed flat on Wednesday, paring losses after Reuters reported that the mainland IPO market could be frozen until the end of March, a move that would reduce competition in the A-share market.

The CSI300 of top Shanghai and Shenzhen listings ended flat at 2,526.1. The Shanghai Composite Index was also flat. Both were heading for a lower close until Reuters reported the IPO development about 20 minutes before market close.

China's securities regulator is requiring underwriters and auditors of all applicants for domestic initial public offerings to re-examine their financial statements as part of efforts to boost the quality of listed companies, four sources with knowledge of the plan told Reuters on Wednesday.

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