Join-Cheer Software Co, a Beijing-based computer services provider, has received regulatory approval to raise 218 million yuan ($31.91 million) on the Shenzhen Stock Exchange via share sale.

According to a report from the Securities Daily on Friday, the China Securities Regulatory Commission, the country's stock regulator, gave Join-Cheer the green light on Wednesday to float 15.3 million shares on the small- and medium-sized enterprise board of the Shenzhen bourse. Shares to be issued accounted for 25.07 percent of the company's total capitalization after the offer.

A road show of the private-owned company will begin in Shanghai on Friday and later in Shenzhen and Beijing, followed by the share subscription on July 31.

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The report also showed Join-Cheer's profits have grown steadily in the past few years, with earnings per share at 0.65 yuan, 0.91 yuan and 1.06 yuan respectively from 2006 to 2008. Return on equity reached 26.87 percent last year.

According to the report, as a company traded on China's agency share transfer system, or the so-called third board market, Join-Cheer had applied for a main board listing as early as 2007, but was rebuffed by the regulator. In July 2008, it restarted listing attempts and passed the stock regulator's IPO review, but final confirmation of listing came this week.

Companies on the third board market can apply for a main board listing if their financial results and relevant indicators meet listing requirements, the stock regulator noted. In November 2007, Guangdong China Sunshine Media became the first third board company to be upgraded to the main board market followed by Join-Cheer almost two years later.

Besides these two companies, quite a few third-board members have also applied to list on the main board to raise more funds. The stock regulator promised earlier this year to make the review procedures more simple and efficient.