China approves two new IPOs

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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.

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

Their underwriters will confirm IPO dates and publish their prospectuses following discussions with the stock exchanges, the China Securities Regulatory Commission (CSRC) said in a statement.

BEIJING, Dec. 1 (Xinhua) -- China's top securities watchdog has approved the initial public offering (IPO) applications of two companies.

The two companies are China-Singapore Suzhou Industrial Park Development Group Co., Ltd., and Hubei Heyuan Gas Co., Ltd.