Lex: Chinese IPOs

So far this year mainland China has accounted for 17.5 per cent of the world's equity issuance by value, according to Dealogic - almost double the record year of 2007, when Chinese issuance was 9.5 per cent of the total. And now the China Securities Regulatory Commission has begun to fret. Candidates in sectors plagued by over-capacity are being denied approvals for secondary issues, while dozens of companies have been prevented from raising cash to repay bank loans or to replenish working capital. Ben McLannahan analyses the latest trends.