BEIJING — While the large number of companies queuing for IPO review on the Shanghai and Shenzhen stock exchanges reflects China's economic transformation and high-quality development, it also reflects the effectiveness of capital-market reform and confidence in the capital market, China's top securities regulator said on Feb 26.

As of Feb 19, the China Securities Regulatory Commission (CSRC) had greenlighted the IPOs of 66 companies this year, a sharp increase year-on-year but relatively flat compared with the previous month, CSRC data showed.

"The approval of IPOs has been neither tightened nor loosened," said a CSRC spokesperson, adding that since the reform of registration-based IPOs, the commission has been focusing on improving the transparency and efficiency of IPO verification.

At present, the average review cycle of the sci-tech innovation board of the Shanghai Stock Exchange and the Shenzhen Stock Exchange's board of growth enterprises has been reduced to around five months.