China's securities regulator approves 3 IPO applications

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

The applications were from smart locker manufacturer Shenzhen Zhilai Sci and Tech, Guangdong-based South New Media and nanotechnology firm Shenzhen Dynanonic, 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.