China's securities watchdog approves two new IPOs

Published: December 01, 2018 12:11:53 | Updated: December 22, 2018 11:37:40

China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) applications of two companies.

Electronics manufacturer Jiangsu Lettall Electronic Co, Ltd. and Bank of Qingdao Co, Ltd. will be listed on the A-share market, said the securities regulator.

However, the CSRC said this in a statement, without specifying the total amount of funds to be raised.

Both companies and their underwriters will confirm IPO dates and publish their prospectuses following discussions with the stock exchanges, reports Xinhua.

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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