On 10 July 2008, the China Securities Regulatory Commission (CSRC) released the Circular on Advancing IPO Pre-Disclosure Time and moved pre-disclosure timings up to the feedback response stage, to improve the transparency of IPO approval inspections. Continuing changes to the pre-disclosure system are intended to contribute to the transition of China’s securities issuing system to a registration system.

With effect from 1 July 2008, upon acceptance of a new IPO application, CSRC will release the prospectus online within 5 working days after issuers and sponsor institutions have revised their application documents in accordance with CSRC feedback.