China approves two IPO applications

BEIJING - China's top securities regulator has approved new IPO applications from two companies, which will raise no more than 1.1 billion yuan ($164.8 million) in the A-share market.

Both the Anhui Great Wall Defense Industry Co and Shanghai Huide Science and Technology Co will be listed on the Shanghai Stock Exchange, according to the China Securities Regulatory Commission (CSRC).

The two companies and their underwriters will confirm IPO dates and publish prospectuses following discussions with the exchanges.

Under the current IPO system, new shares are subject to approval from the CSRC.

China is gradually switching from an approval-based IPO system to one based on registration.