More than 100 companies have scrambled to be among the first with initial public offerings in China since Beijing made steps towards lifting the freeze on new IPOs. The companies have applied to issue new shares in Shenzhen or Shanghai, while 60 others want to raise new capital with secondary offerings. Some 30 companies approved for IPOs before the freeze want to be at the head of the pack. Many of the firms seeking approval are private, not new companies spawned out of state-owned enterprises. The days of firms with shaky finances, poor management and poorer prospects issuing shares may soon be over, the South China Morning Post reported, quoting one regulatory source as saying that the most important consideration now is the quality of the companies.