Beijing , Feb 11 (IANS The China Securities Regulatory Commission (CSRC) has approved 12 IPO applications.
The 12 firms will be allowed to raise a maximum of 7 billion yuan (1.03 billion $US), a Xinhua news agency quoted a CSRC statement on Saturday.
Six of the firms will be listed on the Shanghai exchange, two on the Shenzhen SME board and four on the ChiNext, China's NASDAQ-style board.
The firms and their underwriters are scheduled to confirm the IPO dates following discussions with the exchanges before publishing prospectuses.
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 waiting companies.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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