China approves 10 IPOs after four-month halt

The China Securities Regulatory Commission (CSRC) approved 10 initial public offering (IPO) applications on Monday, marking the official restart of IPOs since mid-February.

Five applicants will be listed on the Shanghai Stock Exchange and the rest on the Shenzhen Stock Exchange, the CSRC said in a Weibo posting. But it did not provide their names.

The applicants and their brokers will set the share-issuing dates after talking with the two bourses and release their prospectuses in the coming days.

The commission plans to approve some 100 IPO applicants from June to the yearend. About 600 companies are now awaiting listing on China's two stock exchanges.

The restart of IPOs is widely seen as problematic because a wave of new shares, some of which are feared to come from unqualified issuers, will dilute market value and possibly cause losses to individual investors.

To address market concerns, CSRC chairman Xiao Gang said the commission will keep new listings at a proper pace so that the equity market can withstand the potential impact.