12 Chinese IPOs unexpectedly approved by regulator

Twelve initial public offerings have been unexpectedly approved by China’s securities regulator, Reuters reported. The IPO approvals include budget carrier Spring Airline’s RMB1.76 billion listing, and medium-sized Chinese brokerage Guosen. The regulator’s decision could dampen the surge in the country’s stock markets, as the benchmark Shanghai Composite Index has spiked over 30% in the last two weeks amid speculation the central bank will further ease monetary policy.  Billions of dollars have flowed into the market, giving the regulator space to accelerate the pace of IPO approval without over-diluting valuations of existing shares.