(Yicai Global) Aug. 19 -- The Shenzhen Stock Exchange yesterday stopped reviewing the listing applications of 30 companies hoping to join its Nasdaq-style ChiNext board because China’s securities regulators are investigating four intermediary agencies involved in the planned initial public offerings.

The four are Hualong Securities, Tianyuan Law Firm, Carea Assets Appraisal and Zhongxingcai Guanghua Certified Public Accountants, according to the exchange’s website. The China Securities Regulatory Commission has not released further details about its investigation into these agencies.

According to the bourse’s rules, it will suspend or terminate an IPO review if the CSRC or judiciary organs are investigating an issuer’s sponsors, securities services agents or related signatories for breaking regulations or the law.

Of the suspended reviews, some were already in the late examination stage. For example, Beijing-based feed maker Beinongda Technology submitted its IPO application in September and completed the third-round review last month. It hired Carea Assets Appraisal as its appraiser.

The exchange also suspended refinancing and asset restructuring projects related to the four intermediary firms yesterday. For instance, industrial brake manufacturer Jiangxi Huawu Brake plans to raise up to CNY600 million (USD92.6 million) via a private placement, but this has been suspended as the company is a client of Tianyuan Law Firm.

Huawu Brake’s stock price [SHE:300095] fell 2.6 percent today to close at CNY11.79, giving the firm a market capitalization of CNY4.45 billion (USD686 million).

Editors: Dou Shicong, Tom Litting