Financial reform is never easy. That has only been made more obvious by the relaunch of IPOs.

Since the lifting of the one-year moratorium in January, about 50 companies have raised capital in the capital market through new listings. But things didn't turn out as envisaged under the new rules, which were designed by China Securities Regulatory Commission to shift the emphasis from official approval to self-regulation.

The market obviously is not ready for such drastic changes that touch on the fundamental regulatory principle.