China approves 2 IPO applications

BEIJING - China's securities regulator has approved new IPO applications from two companies.

The applications of Sichuan Jinshi Technology Co Ltd, a paper product producer, and Jushiri Technologies Inc, a telecom equipment maker, have been granted, the China Securities Regulatory Commission (CSRC) said, without specifying 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 more market-oriented one based on registration.