China approves new IPOs, ending listing freeze
China has approved five firms to list on mainland exchanges, ending a freeze on initial public offering (IPO), as authorities look to reboot a reformed market in 2014.
Neway Valve, Truking Technology, Zhejiang Wolwo Pharma, Guangdong Qtong Education and Guangdong Xinbao Electrical Appliances have received official IPO approval, the five firms said in statements to mainland exchanges.
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The IPO market has been frozen since authorities suspended listings in October 2012 to stamp out equity market fraud and restore confidence in domestic markets.
China's leaders have said new IPOs will be more investor-driven as part of wider economic reforms to open up the sector.
(Read more: China badly needs IPO thaw)
China said last month it would start to unfreeze domestic IPOs in early 2014 with around 50 firms set to complete the streamlined registration process by January.
The IPO freeze has helped China's stock market rally and some investors have aired concerns that a wave of new listings could direct money away from where it is needed in the world's second largest economy.
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