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China approves 3 IPO applications

Updated: Mar 2,2019 2:04 PM     Xinhua

BEIJING — China’s securities regulator has approved new IPO applications from three companies.

The applications of Zhejiang Merit Interactive Network Technology Co Ltd, CSPC Innovation Pharmaceutical Co Ltd, and Ningbo Ginlong Technologies Co Ltd have been granted, the China Securities Regulatory Commission (CSRC) said, without specifying the amount to be raised.

The firms and their underwriters will confirm IPO dates and publish prospectuses following discussions with the 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 a market-oriented one based on registration.