BEIJING — China saw 143 initial public offerings (IPOs) that raised a total of 162.4 billion yuan ($23.2 billion) in the first 10 months of the year, according to the China Securities Regulatory Commission (CSRC), the country's top securities watchdog.

The number of IPOs on the Shanghai and Shenzhen stock markets fell from 436 in 2017 to a five-year low of 105 in 2018, when funds raised dropped 40 percent year-on-year, data showed.

The continued rigorousness of the IPO review process reflects the country's efforts on capital market reform. The CSRC has been tightening access to IPOs and facilitating exits of unqualified listed firms, said Yan Qingmin, vice-chairman of the CSRC.

The CSRC is advancing the comprehensive reform of the capital market, with raising the quality of listed firms set as one of the primary targets, Yan said.

During the January-October period, 16 companies were delisted, he said, adding that the CSRC will enhance supervision by focusing on companies with high risks.