Money talks, IPO reform walks as China stocks rally

SHANGHAI: With China’s main stock market more than doubling in the past year, authorities are looking to cash in by accelerating flotations, but the state-controlled listing system is riddled with institutional shortcomings, analysts say.

In a legacy of China’s decades of Marxist ideology, when the Communist Party launched a stock market 25 years ago— perhaps the ultimate capitalist tool—it kept strict control over key decisions, including initial public offerings (IPOs).