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China approves 9 new IPOs

Updated: May 13,2016 9:11 PM     Xinhua

BEIJING — China’s securities commission said on May 13 that IPO applications by nine companies have passed its review.

The total capital raised by the nine companies is expected to be no more than 5 billion yuan ($769.23 million), said the China Securities Regulatory Commission (CSRC) in a statement.

Of the nine companies, four will be listed on the Shanghai Stock Exchange, two on the small and medium enterprise board of the Shenzhen bourse, and the rest on the Nasdaq-style ChiNext.

The companies include China Nuclear Engineering Corporation Limited, Shanghai Hugong Electric (Group) Co. Ltd., and Hunan Sundy Science and Technology Co. Ltd.

China resumed IPOs last November after the CSRC froze them in July in an attempt to stabilize a choppy market.

Last year, 220 companies raised 157.8 billion yuan through IPOs, more than double the amount raised in 2014.