China regulator approves two IPO applications

Published: August 18, 2018 12:13:37 | Updated: August 23, 2018 13:04:53


The China Securities Regulatory Commission (CSRC) has approved two IPO applications, Ningbo Yongxin Optics Co. and Argus (Shanghai) Textile Chemicals Co, in the A-share market.

The regulator approved companies which will raise no more than one billion yuan (about 144.93 million US dollars), reports Xinhua.

Both the companies will be listed on the Shanghai Stock Exchange, according to the CSRC.

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

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