China approves 13 new IPOs

IPO applications from 13 companies have passed review, China's securities watchdog said on Friday.

The total capital raised by the 13 is expected to be no more than 10.9 billion yuan (1.7 billion U.S. dollars), said the China Securities Regulatory Commission (CSRC) in a statement.

Of the companies, seven will be listed on the Shanghai Stock Exchange, two on Shenzhen's small and medium enterprise board, and the rest on the NASDAQ-style ChiNext.

The companies include Triangle Group, Jiangsu General Science Technology Co., Ltd., and Shanghai Chengdi Construction Co., Ltd.

The CSRC has approved the IPO applications of more than 70 companies this year.

China resumed IPOs last November after the CSRC froze them in July in an attempt to stabilize a rough market.

Last year, 220 companies raised 157.8 billion yuan through IPOs, more than double the amount raised in 2014.

Source : XINHUA