China approves seven IPO applications

BEIJING — China Securities Regulatory Commission (CSRC) has approved IPO applications from seven companies.

The firms will raise up to 3.5 billion yuan ($530 million), the CSRC said. Four will be listed on the Shanghai Stock Exchange, one on the Shenzhen small and medium enterprise board and two on the ChiNext, a 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's IPOs are gradually switching from an approval-based to more market-oriented system.

Since suspending IPOs 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 economy.