China to Set up Firewall Between Bankers, Analysts in IPO Deals -Paper

FILE PHOTO: A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai, China February 28, 2020. REUTERS/Aly Song/File Photo Reuters SHANGHAI (Reuters) – China’s securities association has drafted rules to set up a firewall between investment bankers and analysts in deals to ensure unbiased pricing of initial public offerings (IPOs), the official Shanghai Securities News reported on Tuesday. Bankers in an IPO deal are barred from discussing profit forecasts and valuations with analysts, who should make conclusions independently, the…