China approves 2 IPO applications

BEIJING - China's securities regulator has approved new IPO applications from two companies, which will raise about 2.7 billion yuan ($429 million) in the A-share market.

YIJIAHE Technology Co Ltd and China Securities Co Ltd will be listed on the Shanghai Stock Exchange, the China Securities Regulatory Commission (CSRC) said over the weekend.

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 one based on registration.