China approves three new IPOs

BEIJING - China's top securities watchdog has approved the initial public offering (IPO) applications of three companies.

Xuelong Group Co Ltd, Zhejiang SF Oilless Bearing Co Ltd, and Jiangxi Naipu Mining Machinery and New Materials Co Ltd will be listed on the A-share market, the China Securities Regulatory Commission (CSRC) said in a statement.

It did not specify the total amount of funds to be raised.

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