China approves three IPO applications

Updated 2017-12-30 10:00:18 Xinhua

The Chinese securities regulator approved three IPO applications this week, which will raise up to one billion yuan (about 153 million U.S. dollars) in the A-share market.

Two companies will be listed on the Shanghai Stock Exchange, and one on the ChiNext at the Shenzhen Stock Exchange, according to the China Securities Regulatory Commission (CSRC).

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

The move brings the number of IPO approvals to 401 in 2017.

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

New shares are subject to official approval under the current IPO system, which is moving to a more market-oriented system.

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