Ban Lifted on Chinese IPOs

BEIJING -- Regulators on Friday lifted a nine-month ban on Chinese initial public stock offerings after markets rebounded in recent months from the plunge that prompted the moratorium.

A small drug maker, Guilin Sanjin Pharmaceutical, announced it will become the first IPO of 2009, debuting June 29 in Shenzhen, where the smaller of China's two exchanges is located.

"Now it is a good time for the regulator to lift the ban, since the benchmark has been up so much. The regulator seems to be eager to push this ahead," said Zhang Xiang, an analyst for Guodu Securities in Beijing.

The benchmark Shanghai Composite Index has surged 57% since the start of the year, lifted by optimism over the government's multibillion-dollar stimulus spending. ...