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China approves nine new IPOs

Updated: Jun 3,2016 8:40 PM     Xinhua

BEIJING — China’s securities watchdog said on June 3 that IPO applications by nine companies had passed its review.

The total capital raised by the nine companies is expected to be no more than 5.3 billion yuan ($800 million), said China Securities Regulatory Commission (CSRC) in a statement.

Among the nine companies, four will be listed on the Shanghai Stock Exchange, two on Shenzhen’s small and medium enterprise board, and the rest on the NASDAQ-style ChiNext.

The companies include Harson Group, Zhejiang Xinguang Pharmaceutical Co Ltd, and Hangzhou Weiguang Electronic 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.