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.
It's no secret that this year has been a volatile one for the markets. The S&P 500 is down 18% year to date, while the Nasdaq Composite is off by 27% year to date. Meanwhile, the VIX, a key measure of volatility, is up 49% year to date at 24.72. However, it has spiked as Read More
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