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The Shenzhen Stock Exchange suspended more than 30 IPOs, including public share sale plans by BYD Co (OTC:BYDDF)’s (SZ:002594) chip unit, on Aug. 18, according to exchange filings. The Shanghai Stock Exchange has pressed the pause button on eight IPOs targeting the city’s tech-focused STAR Market since Aug. 19.
The companies attribute the IPOs’ halt to an investigation by the China Securities Regulatory Commission (CSRC) into intermediaries including Beijing-based Tian Yuan Law Firm, China Dragon Securities Co and CAREA Assets Appraisal Co.
The news was first reported by Chinese media.
Tighter scrutiny on IPOs comes as Beijing launches a flurry of regulatory crackdowns against sectors ranging from Internet to tutoring.
On Monday, China said it would tighten scrutiny over accounting firms in a fight against financial forgery, vowing “zero tolerance” toward misconduct.