Wed, 03 Jun 2020

China approves one new IPO application

Xinhua
23 May 2020, 15:44 GMT+10

BEIJING, May 23 (Xinhua) -- China's top securities regulator has approved the initial public offering (IPO) application of one company.

Qingdao Kutesmart Co., Ltd. will be listed on the A-share market, the China Securities Regulatory Commission (CSRC) said in a statement.

It did not specify the total amount of funds to be raised.

The company and its underwriter will confirm the IPO date and publish its prospectus following discussions with the stock exchange.

Under the current IPO system, new shares are subject to approval from the CSRC. China is gradually switching from an approval-based IPO system to one based on registration.

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