China Approves 14 New initial public offering ( IPO ) Applications

China Securities Regulatory Commission, the top securities regulator, approved 14 initial public offering (IPO) applications this week.

Among the 14 companies, seven will be listed on the Shanghai Stock Exchange, three on the small and medium enterprise board of the Shenzhen bourse, while the rest will be listed on the ChiNext, a Nasdaq-style board.

The 14 IPOs are expected to raise up to 5.4 billion yuan (around 782 million U.S. dollars).

In total 242 companies have been given green light to list on the stock market this year, raising about 169.5 billion yuan.

However, 16 IPO applications have been rejected this year, the regulator said, adding that a further six companies are waiting on IPO reviews next week.

The regulator gave the nod to 52 IPO applications in November, the highest monthly total this year.

The recent increase in approvals has been met with enthusiasm from enterprises and a steady market, said Wei Gang, president of the Capital Market Research Institute under the Shanghai Stock Exchange

Source: Xinhua