China securities authority agrees one new IPO registration

BEIJING -- China's securities regulator has given the nod to the registration of initial public offerings (IPOs) of one company on the science and technology innovation board.

Zhejiang Damon Technology Co Ltd one of the leading providers of intelligent logistics system solutions and key equipment in China, will be listed on the Shanghai Stock Exchange's sci-tech innovation board, commonly known as the STAR market, according to the China Securities Regulatory Commission.

It did not specify the total amount of funds to be raised.

The company and its underwriter will confirm the IPO date and publish the prospectus following discussions with the stock exchange.

The registration-based IPO system, which simplifies and shortens the previously lengthy approval process that companies have to go through before they are allowed to float shares on mainland stock markets, was first successfully tried out on Shanghai's new Nasdaq-style sci-tech board.

China will gradually replace the current approval-based IPO system with one based on registration.