China’s securities regulator has rejected more applications for initial public offerings this year than in the previous four years combined, as regulators block fundraising deals that undermine economic policy goals. 

China’s government maintains strict control over the flow of IPOs in Shanghai and Shenzhen, unlike in developed markets, where privately owned stock exchanges enforce only minimum thresholds. 

The China Securities Regulatory Commission has rejected or deferred 105 IPO applications this year, compared with 114 such decisions in the five years through 2016, according to data from Wind Info. A further 155 applicants, facing dim prospects for approval, voluntarily suspended or terminated their applications this year, more than double last year’s figure.