CSRC says approval rate for IPOs rises to 64% by Tuesday

The approval rate for initial public offerings has risen 64.2 percent so far this month from a year ago amid the imposition of stricter regulations since 2017, the securities regulator said today.

By Tuesday, 104 companies were reviewed by the CSRC's regulatory body, with 52 applications getting the nod and 38 rejected to give an approval rate of 50 percent.

The CSRC said late on Tuesday that it has approved the IPO of Bank of Zhengzhou, making it the first Hong Kong-listed company to return to the A-share market, as well as that of Huide Science & Technology.

But Fujian Minhua Power Source was rejected by the CSRC from going public on the A-share market.

Meanwhile, on the same day China Master Logistics canceled its IPO review as further audit or verification is required, and Zhejiang Titan voluntarily withdrew its application.

The approval rate in April was 57.9 percent and the rate increase indicated a rising trend for IPO approvals. But the 64.2 percent approval rate fell from 84 percent in the same period last year as regulations on IPOs were tightened with the set up of the Issuance Examination Commission under the China Securities Regulatory Commission in September 2017.