China approves 7 IPO applications

BEIJING - The China Securities Regulatory Commission (CSRC) has approved IPO applications for seven companies.

They will raise up to 2.8 billion yuan ($420 million), the CSRC said.

Three of the companies will be listed on the Shanghai stock exchange, two on the Shenzhen small and medium enterprise board, and two on the ChiNext, China's NASDAQ-style board.

The firms 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 a more market-oriented system based on registration.

Since an IPO suspension between July and November 2015, China has sought to normalize IPOs by giving approvals at a faster pace to raise financing efficiency and direct more money into the real economy.