China approves 8 new IPO applications

BEIJING - The China Securities Regulatory Commission (CSRC) approved eight IPO applications this week, four on the Shanghai Stock Exchange, one on the small and medium enterprise board of the Shenzhen bourse, and three on the Nasdaq-style ChiNext board.

They are expected to raise up to 7.2 billion yuan ($1.04 billion).

The eight firms and their underwriters are scheduled to confirm dates after discussions with the bourses and before publishing prospectuses.

The regulator gave the nod to 52 IPO applications in November, the highest monthly total this year.

Under the current IPO system, new shares are subject to approval from the CSRC, which controls both the timing and pricing.

China is working on transforming its IPO approval system into one based on registration, which will allow the bourses to take over IPO approvals and clear the backlog of companies waiting.