China approves two IPO applications

BEIJING - China's top securities regulator has approved new IPO applications from two companies, which will raise up to 1.4 billion yuan ($201.44 million) in the A-share market.

Bester Group, a Wuhan-based tech firm, will be listed on the Shanghai Stock Exchange, and Suzhou Maxwell Technologies Co Ltd will be listed on the ChiNext board in Shenzhen, according to the China Securities Regulatory Commission.

The 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.