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Chinese regulator approves 10 IPO applications

Xinhua, April 29, 2017 Adjust font size:

China's stock market regulator approved 10 IPO applications in the past week.

The companies will be allowed to raise up to 5.8 billion yuan (about 840 million U.S. dollars), according to the China Securities Regulatory Commission.

Five companies will be listed on the Shanghai bourse, two on the Shenzhen small and medium-enterprise board, and three on the ChiNext, China's NASDAQ-style board.

The 10 firms and their underwriters will confirm IPO dates and publish prospectuses following discussions with the exchanges.

Under the current IPO system, new shares are subject to approval from the commission, which controls both timing and price.

China is working on transforming its IPO approval system into one based on registration, allowing the bourses to take over approvals and clear the backlog of companies waiting. Endi