Securities regulator approves trust IPO

First listing in more than two decades for a vibrant sector that is booming

China's securities regulator has approved the nation's first IPO by a trust company in more than two decades.

Shandong International Trust Co won approval from the China Securities Regulatory Commission to sell as many as 676.5 million shares in a Hong Kong IPO, said one of its shareholders, Luxin Venture Capital, in a filing on Friday. Shandong International Trust plans to seek roughly $300 million from the sale, people with knowledge of the matter said early last year.