China says IPO reviews ongoing; no State Construction approval yet.

(From AFX Europe (Focus))

BEIJING (XFN-ASIA) - The China Securities Regulatory Commission (CSRC) said it is proceeding with the review of IPO applications, although approvals have been controlled to a level appropriate to demand.

An unidentified official at the CSRC made the comments, which were carried by China's three official securities newspaper over the weekend.

"Since the second half of the year, the CSRC has controlled the pace of issuance in accordance with market demand," the official said, noting that the review process has been normal.

The official denied market rumors that China State Construction Engineering Corp, the country's biggest home builder, will launch its IPO today.

"The company has not yet received approval from the CSRC to start the IPO process," the official said.

The CSRC approved in June China State Construction's plan to issue up to 12 bln A-shares in Shanghai, which is expected to be the ...