China's securities regulator approves 2 new IPOs

BEIJING - China's securities regulator has approved the initial public offering (IPO) applications of two companies.

The companies are Shanghai Yongguan Adhesive Products Co Ltd, and Qingdao Rural Commercial Bank, according to the China Securities Regulatory Commission (CSRC).

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.