Four more firms approved to list on China's GEM board

The China Securities Regulatory Commission (CSRC) has approved applications from four more companied to list on the soon-to-be launched Growth Enterprise Market (GEM) in Shenzhen, state media reported. The CSRC denied Nanjing Paneng Technology Development’s application without giving reasons for its decision. The regulator approved 13 companies to list on the NASDAQ-style board in two batches last week. Ten of these companies began initial public offering procedures on September 21 to list at the end of October.