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China approves 2 IPO applications

Updated: May 20,2018 11:03 AM     Xinhua

BEIJING — China’s securities regulator has approved IPO applications from two companies, which will raise no more than 6 billion yuan (around $941 million) in the A-share market.

Dynagreen Environmental Protection Group Co, a Shenzhen-based firm, will be listed on the Shanghai Stock Exchange, while the other will be listed on the ChiNext, a NASDAQ-style board, according to the China Securities Regulatory Commission (CSRC).

Both firms and their underwriters will confirm dates and publish prospectuses following discussion with the exchanges.

Under the current IPO system, new shares are subject to approval from the CSRC. China’s IPOs are gradually switching from an approval-based system to a more market-oriented system.