BEIJING — China's top securities watchdog has agreed to the registration of the initial public offering (IPO) of one medical equipment manufacturer on the science and technology innovation board.

Specializing in the research, manufacturing and sales of orthopedics implants, Shanghai Sanyou Medical Co was the fourth firm that got permission from the China Securities Regulatory Commission to register its IPO on the sci-tech board in the Year of the Rat.

The company and its underwriters will confirm IPO dates and publish its prospectuses following discussions with the Shanghai Stock Exchange.

The registration-based IPO system, which simplifies and shortens the previously lengthy approval process that companies had to go through before they were allowed to float shares on mainland stock markets, was first successfully tried out on Shanghai's new Nasdaq-style sci-tech board.

China will gradually replace the current approval-based IPO system with one based on registration.