China greenlights three new IPO applications

China’s securities regulator has approved the initial public offering (IPO) applications of three companies.

Yunnan-based Shennong Agricultural Industry Group Co., Ltd., Zhejiang Fulai New Materials Co., Ltd. and Nanjing Shenghang Shipping Co. Ltd. will be listed on the A-share market, the China Securities Regulatory Commission said in a statement.

The commission did not specify the total funds to be raised.

The companies and their underwriters will confirm IPO dates and publish their prospectuses following discussions with the stock exchanges.

China is gradually switching from an approval-based IPO system to one based on registration.