CHINA'S securities regulator has brought forward the release of draft prospectuses by firms seeking to launch initial public offerings in its latest efforts to boost the quality of publicly traded companies.

The China Securities Regulatory Commission will publish an applicant firm's prospectus on its Website within five days after the firm and its underwriter have received feedback from the commission and modified the draft.

Before the new rule came into effect on July 1, the prospectus was published five days before the commission held a meeting to grant formal approval.

An official of the commission said the earlier release of the prospectus will lay the foundation for a more transparent process for investors and will improve supervision over applicant firms and underwriters.

Shang Fulin, chairman of the commission, said in April that supervision should be market-oriented and support the companies' development and also protect the interests of investors.

Shang noted that China is moving from an administration-dominated system to a market-based mechanism over share issuance and supervision.

In 2006, China began to require companies applying for IPOs to disclose their prospectuses before the commission gave its approval in an effort to ensure that IPO procedures were more transparent and market-oriented.

The government is making strenuous efforts to strengthen the supervision over IPOs, enhance underwriters' awareness of their responsibility, and improve the quality of listed companies.