Two news IPOs approved in China
Business

Two news IPOs approved in China

Beijing, Sep 15 (UNI) China's top securities regulator has approved new IPO applications from two companies, which will raise up to 2.5 billion yuan (about 365.5 million US dollars) in the A-share market. A Shenzhen-based brokerage firm Great Wall Securities, will be listed on the Shenzhen small and medium enterprises board, and the other, Wuxi Lihu Corporation Ltd, will be listed on the ChiNext board in Shenzhen, according to the China Securities Regulatory Commission, a report in Chinese state News agency Xinhua said.

The companies 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 CSRC. China is gradually switching from an approval-based IPO system to one based on registration. (UNI)