China's top securities regulator approves 3 IPO applications

BEIJING - China's top securities regulator approved IPO applications from three companies, which will raise no more than 4.2 billion yuan ($613.5 million) in the A-share market.

The Bank of Changsha, based in Hunan province and Zhejiang Jiecang Linear Motion Technology will be listed on the Shanghai Stock Exchange, according to the China Securities Regulatory Commission (CSRC).

Chengdu Spaceon Electronics, based in Sichuan province, will be listed on the Shenzhen Stock Exchange, said the CSRC.

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