China approves two new IPOs

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

The Chongqing Rural Commercial Bank and Sirio Pharma Co., Ltd. will be listed on the A-share market, the China Securities Regulatory Commission (CSRC) said in a statement.

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

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.