China approves two new IPOs

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

The two companies, Chengdu Gas Group Co Ltd and Streamax Technology Co Ltd and 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.

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

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.