Chinese authorities reject more IPO applications

BEIJING - China's securities regulator has rejected more initial public offering (IPO) applications in a bid to improve the quality of listed firms and protect investors' interests.

The China Securities Regulatory Commission (CSRC) vetoed IPO applications from 24 companies from the start of this year to May 19, up from 18 in the January-April period, according to a CSRC statement.

Another 45 companies withdrew their applications, while 188 were approved, said the CSRC.

Abnormal financial conditions, inability to generate sustainable profits and questionable authenticity of application documents were among the reasons for the rejections.

Under the current IPO system, new shares are subject to approval from the CSRC.

The commission said it will continue to strengthen IPO regulation and keep a close eye on the practices of faking documents and dressing up company performances.