China's securities watchdog approves 3 new IPOs

BEIJING - China's securities regulator has approved the initial public offering (IPO) applications of three companies.

Qingdao Port International Co Ltd, Golden Horse Technology Entertainment Co Ltd, and Vats Liquor Chain Store Management Joint Stock Co Ltd will be listed on the A-share market, said the China Securities Regulatory Commission (CSRC) in a statement, without specifying the total amount of funds to be raised.

The companies and their underwriters will confirm the IPO dates and publish their prospectuses following discussions with the stock 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.

The CSRC has approved a total of 91 IPOs in the Jan-Nov period, dropping sharply from last year when a total of 401 companies got go-aheads for stock market debut, according to the Shanghai Securities News.