China approves four new IPO applications

BEIJING -- China's top securities regulator has approved the initial public offering (IPO) applications of four companies.

The companies -- Zhongyin Babi Food Co Ltd, Zhejiang Sanfer Electric Co Ltd, Guangdong Dongpeng Holdings Co Ltd, and Zhejiang Walrus New Material Co Ltd -- will be listed on the A-share market, the China Securities Regulatory Commission said in a statement.

The commission did not specify the amounts of funds to be raised.

The companies and their underwriters will confirm IPO dates and publish their prospectuses following discussions with the stock exchanges.

China is gradually switching from an approval-based IPO system to one based on registration.