China approves 2 IPO applications

BEIJING, March 9 (Xinhua) -- CHINA's securities regulator has approved new IPO applications from two companies.

The applications were from fluorine chemical producer Zhejiang Sanmei Chemical Incorporated Company, and Yunnan QuakeSafe Seismic Isolation Technologies Co., Ltd, an anti-quake tech firm, according to the CHINA Securities Regulatory Commission (CSRC), which did not specify the amount to be raised.

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 market-oriented one based on registration.