China ap­proves 9 IPO ap­pli­ca­tions

China Daily (USA) - - BUSINESS -

The China Se­cu­ri­ties Reg­u­la­tory Com­mis­sion, the coun­try’s top se­cu­ri­ties mar­ket reg­u­la­tor, has ap­proved IPO ap­pli­ca­tions from nine com­pa­nies. They will raise no more than 4.2 bil­lion yuan ($620 mil­lion), the CSRC said in a state­ment. Four com­pa­nies will be listed on the Shang­hai stock ex­change, one on the Shen­zhen small and medium-sized en­ter­prise board, and four on the ChiNext, China’s NAS­DAQ-style board. The firms and their un­der­writ­ers will con­firm IPO dates and pub­lish prospec­tuses fol­low­ing dis­cus­sions with the ex­changes. Un­der the cur­rent IPO sys­tem, new shares are sub­ject to ap­proval from the CSRC. China is grad­u­ally switch­ing from an ap­proval-based IPO sys­tem to a more mar­ket-ori­ented one based on reg­is­tra­tion.

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