IPO Review Panel Slashed by Two-Thirds

China’s securities watchdog has slashed the number of members of the powerful listing review panel by nearly two-thirds, highlighting a lasting tough stance on companies who plan to float shares on the country’s stock exchanges.

The panel — which reviews new listings for the country’s two main boards in Shanghai and Shenzhen, and the Nasdaq-style ChiNext — was cut from 63 members down to 21, according to the Friday announcement (link in Chinese) from the securities watchdog. Twelve of the 21 members are new appointees.