China approves seven new IPOs

BEIJING - IPO applications by seven companies have passed review, according to China's securities watchdog.

The total capital raised by the seven is expected to be no more than 8.8 billion yuan ($135 million), said China Securities Regulatory Commission (CSRC) in a statement.

Of the companies, two will be listed on the Shanghai Stock Exchange, two on Shenzhen's small and medium enterprise board, and the rest on the NASDAQ-style ChiNext.

The companies include Bank of Jiangsu, Haiqi Group and Jihong Group.

Since this year, CSRC has approved the IPO applications of 70 companies.

China resumed IPOs last November after the CSRC froze them in July in an attempt to stabilize a choppy market.

Last year, 220 companies raised 157.8 billion yuan through IPOs, more than double the amount raised in 2014.