BEIJING — China’s securities regulator approved 102 initial public offering (IPO) applications last year, down from 401 in 2017, according to industry data.

Companies that have completed their IPO procedures raised about 130 billion yuan ($18.9 billion) in total, according to financial information provider Jrj.

Under the current IPO system, new shares are subject to approval from the China Securities Regulatory Commission. China is gradually switching from an approval-based IPO system to one based on registration.

Chinese firms swept half of the globe’s top 10 biggest IPOs last year, with a surge in overseas flotations, a report by international accounting firm EY showed.

Tech firms China Tower, Xiaomi, Foxconn Industrial Internet, Meituan and online entertainment platform iQiyi made into the world’s top 10 IPOs in terms of fund-raising.