SHANGHAI Feb 19 (Reuters) – China resumed initial public
offerings (IPOs) in January after a 14-month suspension, with 45
firms floating shares and raising a combined 32.1 billion yuan
($5.3 billion) in the month.

To support the resumption, the China Securities Regulatory
Commission (CSRC) launched a slew of reforms in November but has
been forced to pull back some and add new restrictions so as to
curb irregularities, leading to a dozen firms postponing IPOs,
although some have later re-launched IPOs after adjustments.

Here are the major events and setbacks for IPO reforms.

(For a FACTBOX of the reforms, click ; for
related columns, click )

2013

Nov. 30 – The CSRC announces a slew of IPO reforms to boost
the market to pave the way for IPO resumption in January, saying
about 50 firms to be listed in the month.

Dec. 14 – The CSRC issues fresh details on the reforms,
eliminating pricing and turnover curbs for IPOs.

Dec. 31 – Five companies publish share issue prospectuses to
launch IPOs in January.

2014

Jan. 8 – Zhejiang Wolwo Bio-Pharmaceutical Co
and Guangdong Xinbao Electrical Appliances become
the first two IPO firms to float shares, attracting heavy
subscriptions.

Jan. 10 – Drug maker Jiangsu Aosaikang Pharmaceutical Co
announces it will postpone its IPO due to problems
including setting the issue price too high and trying to sell
too many existing shares in the IPO.

Jan. 12 – The CSRC says that any company that prices its IPO
at a premium to its industrial peers in the secondary market,
measured by the respective price-to-earnings (PE) ratios, must
delay opening subscriptions to retail investors by three weeks.

Jan. 13 – Five firms say they have postponed IPOs in
response to the latest CSRC rules a day ago.

Jan. 14 – Three companies decide to sell shares at
valuations much lower than those of peers.

Jan. 15 – The CSRC says it has begun inspections of IPO
pricing behaviour, targeting 13 underwriters and 44
institutional investors.

Jan. 17 – Prices of Neway Valve shares rise 43.5
percent on the first day of trading on the main Shanghai Stock
Exchange in the mainland’s first listing since the IPO
resumption.

Jan. 18 – In a rare case, Gansu Hongliang Leather Co
announces it has put off its issue because of
questions from the media about its financial data, including its
profits.

Jan. 20 – Shaanxi Coal Industry Co raises 4
billion yuan ($661 million) in China’s largest IPO since 2012,
but it has cut its fund-raising target by more than half partly
under pressure due to the new regulations about pricing.

Jan. 21 – Eight companies list on China’s smaller Shenzhen
Stock Exchange, the first listings on the bourse since IPOs
resumed. All hit their daily limit-up and many continued jumping
to limit-up in the following few days, reflecting huge
speculative interest among Chinese retail investors in small
caps.

Jan 26 – Zhejiang Wolwo and Chengdu Tianbao Heavy Industry
Co announce trading in their shares to be suspended
indefinitely after media reports alleged irregularities in their
IPO, such as under the table deals to allocate IPO shares.

Jan. 27 – CSRC Chairman Xiao Gang admits that problems have
crept up in the new IPO reforms, but reaffirms that the
government will maintain market-oriented direction for reforms
of the stock market.

Jan. 27-29 – At the peak of new listings since the IPO
resumption, 24 firms list in the Shanghai and Shenzhen bourses
over three days.

Shaanxi Coal jumped in its Shanghai debut on Jan. 28, but
plunged from the second day to near its IPO price, reflecting an
investment culture shunning large-capitalised blue chips.

($1 = 6.05 Yuan)

(Reporting by Lu Jianxin and Pete Sweeney; Editing by
Jacqueline Wong)