China approves four new IPOs

Chinese President Xi Jinping
China’s securities regulator on Friday approved the Initial Public Offering (IPO) applications of four companies.

The China Securities Regulatory Commission (CSRC), said in a statement that GRG Metrology/Test Ltd. Lihero Technology Ltd., Shandong Taihe Water Treatment Technologies Ltd. and Zhubo Design Group Ltd. would be listed on the A-share market.

However, the statement did not specify the total amount of funds to be raised.

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

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. (Xinhua)