The comprehensive implementation of the registration-based system of IPO regulation in China: practice, progress, problems and prospects

Figures & data

Table 1. The evolution of the IPO regulatory framework in China.

	Regulatory system	Ancillary mechanism
1990–1999	Quota	–
1999–2004	Merit-based	Channel & Recommendation
2004–2019	Merit-based	Sponsorship
2019–2023	Hybrid: Merit-based / Registration-based	Sponsorship
2023–Now	Registration-based	Sponsorship

Note: The Table is drawn by the authors.

Figure 1. The functioning of the IPO regulatory systems.

'The Figure is drawn by the authors' is not part of the figure title. Instead, it is figure note that should be put somewhere below the figure.

Table 2. Comparison of the IPO regulatory systems.

	Merit-based	Registration-based	Disclosure-based
The authority conducting IPO review	CSRC	Stock exchanges & CSRC	SEC
The nature of IPO review	Disclosure & Examination	Mainly, Disclosure	Disclosure
Conducting substantial examination	Yes in all cases	Yes, not in all cases	No
Making value judgment	Yes	No	No

Note: The Table is drawn by the authors.

Figure 2. Chinese stock exchanges’ lack of institutional independence.

Note: The Figure is drawn by the authors based on the work of Lyu (n 99).