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BEIJING, Oct. 15 (Xinhua) -- The China Securities Regulatory Commission (CSRC) approved the IPO applications of 14 companies.
The firms will be allowed to raise a maximum total of 7.3 billion yuan (1.08 billion U.S. dollars), a statement said Friday.
Seven of the firms will be listed on the Shanghai bourse, two on the Shenzhen bourse's Small and Medium-sized Enterprise board, and five on the ChiNext, China's NASDAQ-style board of growth enterprises.
The CSRC has given the greenlight to IPO applications for 163 firms this year, putting the total funds raised at 113.2 billion yuan.
Under the current IPO system, new shares are subject to approval from the CSRC, which controls both the timing and pricing.
China is working on transforming its IPO approval system into one based on registration, one that will allow the bourses to take over IPO approvals and clear the backlog of companies on the waiting list.
