China securities regulator approves 2 IPO applications

BEIJING, March 15 (Xinhua) -- CHINA's securities regulator has approved new IPO applications from two companies.

The applications were from Youyou Food Co. Ltd., a snack food producer, and CHINA Master Logistics Co. Ltd., according to the CHINA Securities Regulatory Commission (CSRC).

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.