China approves 3 new IPOs

22 September, 2019 12:00 AM printer

BEIJING: China's securities regulator has approved the initial public offering (IPO) applications of three companies.

Bafang Electric (Suzhou) Co., Cosonic Acoustic Technology Co., and Zhejiang Meorient Commerce & Exhibition Co. 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, reports Xinhua.

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