Jul. 17, 2009 (China Knowledge) - The China Securities Regulatory Commission, the nation's securities regulator, on Wednesday gave the nod to a new initial public offering, the first such approval since last September, according to a statement on the regulator's website.
Anhui Xinlong Electrical Co, an electric equipment manufacturer located in East China's Anhui Province, was approved to float about 28 million shares on the Shenzhen Stock Exchange to raise up to RMB 165 million.
After the share offering, the company will have no more than 110 million shares outstanding.
On the same day, the CSRC denied the IPO application of Shanghai Chaori Solar Energy Science and Technology Co, which wanted to sell 40 million A shares to raise up to RMB 600 million.
Because the CSRC halted IPO approvals for more than nine months, there are around 400 companies waiting to start public trading on the A-share market. It will take at least two years to list them all, according to the regulator.