China approves two IPO applications

BEIJING -- China's top securities regulator has approved new IPO applications for two companies, which will raise no more than 4 billion yuan (about $582 million) in the A-share market.

Avary Holding, a Shenzhen-based electronic device maker, and JL MAG, a magnetic material provider based in Jiangxi Province, will be listed on the Shenzhen 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 exchange.

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.