China approves 3 IPO applications

BEIJING -- China's securities regulator approved three new IPO applications Friday, which will raise up to 2.6 billion yuan ($410.7 million) in the A-share market.

All three companies will be listed on the Shanghai Stock Exchange, according to the China Securities Regulatory Commission (CSRC).

The firms and their underwriters will confirm dates and publish prospectuses following discussions with the exchanges.

The CSRC has introduced rigorous approval procedures for IPOs since a new review committee came into office in October, rejecting or suspending more than half of IPO applications.

China has sought to normalize IPOs to improve financing efficiency and direct more money into the real economy since it suspended IPOs between July and November 2015.

The regulator is seeking a balance between easing the IPO backlog, keeping the market calm and improving the quality of listed companies.