China approves two IPO applications

Published: August 04, 2018 12:08:37 | Updated: August 09, 2018 11:20:26

The China Securities Regulatory Commission (CSRC) has approved new IPO applications for two companies, which will raise no more than 1.7 billion yuan (about $248.9 million) in the A-share market.

Beijing Konruns Pharmaceutical Co. will be listed on the Shanghai Stock Exchange, and Beijing Emerging Eastern Aviation Equipment Co. will be listed on the Shenzhen Stock Exchange, the CSRC said.

The two companies and their underwriters will confirm IPO dates and publish prospectuses following discussions with the exchanges, the country’s top securities regulator.

Under the current IPO system, new shares are subject to approval from the commission.

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

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