China Gives Green Light To Six IPOs Despite Market Volatility

China Gives Green Light To Six IPOs Despite Market Volatility
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The China Securities Regulatory Commission approved plans for six initial public offerings, the first IPOs since Shanghai’s benchmark equity index fell into a bear market a couple of weeks ago.

The regulator’s move is contrary to earlier expectations that the CSRC might consider suspending IPOs to stabilize the country’s tumbling stock markets.

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Six IPOs cleared

According to a statement published on its website Wednesday, the CSRC indicated that it had approved IPOs for six companies, including Bank of Jiangsu. Nanjing-based Bank of Jiangsu, the country’s third-largest regional commercial bank, will become the first regional bank to list on the mainland’s stock market in nearly eight years.

The other companies that got IPO approval include transportation-systems provider Nanjing Doron Technology, Zhejiang-based port operator Zhoushan Port and car-lubricants maker Qingdao Copton Technology.

Though domestic list