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Chinese securities watchdog approves 2 new IPOs

Updated: Nov 17,2018 8:08 PM     Xinhua

BEIJING — China’s national securities regulator has approved the initial public offering (IPO) applications of two companies.

Zijin Rural Commercial Bank in East China’s Jiangsu province and Shenzhen Longli Technology Co. in Guangdong province will become listed on the A-share market, said the China Securities Regulatory Commission (CSRC) in a statement on Nov 17, without specifying the total amount of funds to be raised.

Both 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.