China approves three new IPO applications

Updated 2018-03-10 13:43:03 Xinhua

Chinese securities regulator has approved three new IPO applications, which will raise up to 1.7 billion yuan (about 269.8 million U.S. dollars) in the A-share market.

One company will be listed on the Shanghai Stock Exchange, while the other two will be done on the Shenzhen bourse, with one on the Shenzhen small and medium enterprises board, and the one on the NASDAQ-style ChiNext board, according to a statement on China Securities Regulatory Commission (CSRC) Friday.

The companies and their underwriters will confirm dates and publish prospectuses following discussions with the exchanges.

CSRC spokesperson Chang Depeng told a press conference that the CSRC approved 380 IPO applicants last year, comparing to 280 in 2016.

The CSRC has introduced rigorous approval procedures for IPOs since a new review committee came into office in October, with more than half of IPO applications being rejected or put on hold.

China has sought to normalize IPOs to improve financing efficiency and direct more money into the real economy since CSRC suspended IPOs between July and November 2015.

The regulator is seeking a balance among easing the IPO backlog, keeping the market calm and improving the quality of listed companies.

A-share market in China is meant for domestic investors.

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