China approves three new IPOs
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China's securities regulator has approved the initial public offering (IPO) applications of three companies.

Guangdong-based MARUBI Biotechnology Co., Ltd, Zhejiang-based Great Shengda Packing Co., Ltd and Beijing-based CITIC Press Group will be listed on the A-share market, the China Securities Regulatory Commission (CSRC) said in a statement.

It did not specify the total amount of funds to be raised.

The companies and their underwriters will confirm 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.

Author： 　　　Source：xinhua　　　 Editor：Yang Fan