CSRC vetoes GEM IPO application
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Chinese newspapers carried the following stories on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
21st Century Business Herald
--The China Securities Regulatory Commission (CSRC) has approved 13 applications for listing on its Growth Enterprise Market (GEM - China's answer to Nasdaq) but, this Monday, Nanjing electronics enterprise PANENG Technology Development Co., became the first company to be turned down by GEM, for reasons that have not yet been disclosed.
"Compared with other start-ups who applied for IPOs on GEM, PANENG is mediocre in terms of its standing and capability," said a source inside the company.
--Shenzhen, one of China's well-established economic engines is facing a serious labor shortage. In August, there were 470 thousand job hunters in the city, 120 thousand less than the 590 thousand vacancies waiting to be filled. The shortfall is the worst this year and six times higher than the April figure.
Beijing Business Today
--A storage capacity of 26.8 million cubic meters (about 169 million barrels) is planned for the third phase of the national strategic petroleum reserve, an official of the National Development and Reform Commission has revealed. The third phase is scheduled to be completed in 2020, and Wanzhou in Chongqing, Caofeidian in Hebei and locations in Hainan are likely to be chosen as storage sites.
Caijing
Buoyed by a handsome state subsidy, China Mobile（00941.HK）saw users of its 3G service increase by 239,000 in August, but will struggle to reach its full-year target of 3 million new users, the Caijing business magazine said Tuesday.
