China approves three new IPO applications

0 Comment(s)Print E-mail Xinhua, March 22, 2020
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BEIJING, March 22 (Xinhua) -- China's top securities watchdog has approved the initial public offering (IPO) applications of three companies.

Zhejiang Yuejian Intelligent Equipment Co., Ltd., Shenzhen Everbest Machinery Industry Co., Ltd. and Nanjing Research Institute of Surveying, Mapping & Geotechnical Investigation Co., Ltd. will be listed on the A-share market, the China Securities Regulatory Commission (CSRC) said in a statement.

It did not specify the total amount of funds to be raised.

The companies and their underwriters will confirm IPO dates and publish their prospectuses following discussions with the stock exchanges.

China is gradually switching from an approval-based IPO system to one based on registration.

The registration-based IPO system, which simplifies and shortens the previously lengthy approval process that companies had to go through before they were allowed to float shares on mainland stock markets of the mainland, was first successfully tried out on Shanghai's new Nasdaq-style sci-tech board. Enditem

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