On Friday, the China Securities Regulatory Commission (CSRC) announced that Shandong Changrun Diamond Co., Ltd. (referred to as "Changrun Diamond"), which was preparing to list on the Growth Enterprise Market (GEM), has had its application terminated. This marks the end of the company's bid for a public offering on the stock exchange.
Previously known as Shandong Liaocheng Changrun Superhard Material Co., Ltd., Changrun Diamond completed its share reform in September 2012. According to its official website, the company specializes in the production of super-hard materials, including synthetic diamonds, and has been active in the industrial diamond sector for years.
The CSRC officially halted the review of Changrun Diamond’s new share issuance on December 11. The company also withdrew from the initial review process. Its underwriters and advisors included Guojin Securities, Dahua Certified Public Accountants, and Beijing Junzejun Law Firm. This move comes as part of an ongoing trend where several companies have seen their applications either withdrawn or rejected this year.
Meanwhile, Wuhan Farming Environment Co., Ltd. recently moved up to the preliminary review queue, bringing the total number of companies awaiting review to 267 as of December 2. However, this year has seen a significant number of cases being dropped, with Changrun Diamond being one of 139 companies that had their reviews terminated. This reflects the regulatory body’s continued scrutiny of applicants and its focus on maintaining high standards for listed companies.
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