The China Securities Regulatory Commission (CSRC) will be in the defendant's seat when it appears in court over the alleged mishandling of a listing application by property developer and resort operator Hainan Kaili, the China Youth Daily reported yesterday. At the first hearing in the No 1 Intermediate People's Court on Thursday, Hainan Kaili accused the CSRC of misjudgment and lack of professionalism in its review of the listing application and its decision to reject it. Hainan Kaili said the bad publicity over the listing had caused the company heavy losses and demanded the CSRC review and approve its listing bid. In 1997, Hainan Kaili filed an official listing application with the CSRC. Almost three years later, the CSRC rejected the listing plan on the grounds the company had included false information in its financial report. Some Chinese analysts have hailed the case, saying it would put the spotlight on the regulator and improve listing procedures.