China approves two IPO applications

BEIJING - China's securities regulator has approved new IPO applications from two companies, which will raise no more than 2.1 billion yuan ($327 million) in the A-share market.

China Aluminum International Engineering Corporation Limited and Jiangsu New Energy Development Co Ltd will be listed on the Shanghai Stock Exchange, the China Securities Regulatory Commission (CSRC) said Friday.

The two 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 a more market-oriented one based on registration.