Why IPO Applicants Seek Seven Best Friends

Members of two, highly secretive committees at the China's Securities Regulatory Commission (CSRC) can determine the fate of a company's application for a public listing.

A 25-member Public Offering Review Committee (PORC) handles applicants for listings on the Shanghai Stock Exchange's main board. Staffing for a separate PORC office in charge of hopefuls for the Shenzhen bourse's ChiNext growth board applicants stands at 35.