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China's top securities regulator tightened the scrutiny on IPOs to eliminate any unqualified new share issues by companies. CSRC will particularly look into IPO fraud by companies that attempt to "whitewash" their financial accounts to gain regulatory approval and fail to disclose proper information to investors. Besides, the CSRC also revised the rules for major asset restructuring by listed companies, aiming to better regulate back-door listings and to curb the sometimes feverish speculation surrounding shell companies.
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