The Chinese Securities and Regulatory Commission (CSRC) has given Zhejiang Wanma Cable approval to launch an IPO on the Shenzhen Stock Exchange, the South China Morning Post reported. Zhejiang Wanma Cable, plans to float 50 million shares in hopes of raising nearly US$49.76 million on the Small and Medium Enterprise (SME) board. The company announced in a statement to the Shenzhen Stock Exchange that investors could begin subscribing to the shares on July 2. The CSRC’s approval reflected the regulator’s continued cautious approach with new share offerings, as it still has not given approval for any large listing on the Shanghai stock exchange. Zhejiang Wanma Cable is just the second firm, after Guilin Sanjin Pharmaceutical, to be given approval to launch an IPO since Beijing lifted its nine-month moratorium.
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