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China approves five IPO applications

Updated: Dec 2,2017 2:11 PM     Xinhua

BEIJING — Chinese securities regulator has approved five IPO applications this week, which will raise up to 3.7 billion yuan (about $559 million) in the A-share market.

Two companies will be listed on the Shanghai Stock Exchange, one on the small and medium enterprises board and two more 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.

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 gradually moving to a more market-oriented system.