20 IPOs approved for small firms listing in Shanghai & Shenzhen

The China Securities Regulatory Commission (CSRC) has approved initial public offerings for 20 firms split evenly between the Shanghai and Shenzhen stock exchanges, Reuters reported, citing a report from the semi-official China Business News. All 20 companies are relatively small, and 17 actually launched their IPOs on Tuesday. In comparison, the CSRC approved about 10 IPOs per month last year, typically giving the go-ahead at the end of a given month. China Business News indirectly suggested in its report that the regulator’s move was aimed at tempering the red-hot Shanghai bourse, which gained more than 40% in the fourth quarter.