CHINA’S securities regulator said Saturday that there is no new adjustment on the policies concerning initial public offering (IPO) review.

A spokesperson with the China Securities Regulatory Commission (CSRC) said this in response to media reports that the regulator might ease profitability requirements and quicken IPO review.

Firms seeking to be listed on the main board, board for small and medium-sized enterprises and the Growth Enterprise Market will be strictly reviewed based on existing laws and regulations, the spokesperson said.

The review will target corporate governance, compliance operation, information disclosure and other aspects that can help the regulator find qualified applicants, according to the CSRC.

Quality takes precedence over speed in IPO review, the CSRC said.

The CSRC said that it would make full use of the important roles of the financial market in resources allocation and continue to advance the work of new share issuance on a regular basis, strictly enforce the listing threshold, improve market predictability and better serve the real economy for high-quality development.

The CSRC’s response came as Bloomberg News reported Friday that the securities regulator is pushing to speed up and simplify the review process for initial public offerings as the government tries to improve companies’ access to funding.

Quoting unnamed sources as saying, Bloomberg News said China Securities Regulatory Commission officials pledged at a work conference last week to relax requirements for IPO issuance and make it clear to issuers that it doesn’t impose a fixed threshold for annual profit.

Such changes would be in line with the launch of a new high tech board in Shanghai, which will adopt a registration-based IPO system that removes many regulatory hurdles and simplies the lengthy approval process, financial magazine Caixin reported Friday.

The regulator aims to have at least four IPO applications approved each week, the sources told Bloomberg News. Officials also said the regulator would seek to dispel concerns among issuers that it will closely supervise how money raised in an IPO is used, said the sources. Companies should decide themselves how they want to use their cash, the CSRC representatives said at the conference, according to the sources. (SD-Agencies)