China greenlights 10 IPOs

Updated 2017-03-04 09:16:21 Xinhua

The China Securities Regulatory Commission (CSRC) Friday approved initial public offering (IPO) applications from ten companies.

They will raise no more than 7 billion yuan (1.02 billion U.S. dollars), according to a CSRC statement.

Five companies will be listed on the Shanghai stock exchange, two on the Shenzhen small and medium enterprise board and three on the ChiNext, China's NASDAQ-style board.

The companies and their underwriters will confirm the IPO dates after discussing with the stock exchanges.

Under the current IPO system, new shares are subject to approval from the CSRC, which controls both the timing and pricing. China is seeking to transform from an approval-based system to a more market-oriented one.

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