BEIJING, Feb. 18 (Xinhua) -- The China Securities Regulatory Commission (CSRC) Friday approved initial public offering (IPO) applications from 12 companies.
They will raise no more than 5.5 billion yuan (803 million U.S. dollars), according to a CSRC statement.
Six firms will be listed on the Shanghai stock exchange, two on the Shenzhen small and medium enterprise board and four on the ChiNext, China's NASDAQ-style board.
The firms and their underwriters will confirm the IPO dates after discussing with the stock exchanges.
Under the current IPO system, new shares are subject to approval from the CSRC, which controls both the timing and pricing. China is seeking to transform from an approval-based system to a more market-oriented one.
Since an IPO suspension between July and November 2015, CSRC has progressively sought to normalize IPOs. A total of 227 companies went public in 2016.