China approves 7 new IPOs

BEIJING - China's securities commission said on Friday that IPO applications by seven companies had passed its review.

The total capital raised by the seven companies is expected to be no more than 2.6 billion yuan ($400 million), said the China Securities Regulatory Commission (CSRC) in a statement.

Among the seven companies, four will be listed on the Shanghai Stock Exchange, one on the small and medium enterprise board of Shenzhen bourse, and the rest on the Nasdaq-style ChiNext.

The companies include FLYCO Group Co,Ltd, Zhejiang Lang Di Group and Shandong Swan Cotton Industrial Machinery Co,Ltd.

China resumed IPOs last November after the CSRC froze them in July in an attempt to stabilize a choppy market.

Last year, 220 companies raised 157.8 billion yuan through IPOs, more than double the amount raised in 2014.