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July 17, 2009

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New IPO gets nod from regulator

THE China Securities Regulatory Commission approved a new initial public offering on Wednesday, the first such approval since last September.

The CSRC reviewed the applications for Shanghai Chaori Solar Energy Science and Technology Co and Anhui Xinlong Electrical Co on Wednesday. Anhui Xinlong was approved and Shanghai Chaori was denied, said a CSRC statement on its Website without giving reasons for the decisions.

Anhui Xinlong, an electric equipment manufacturer located in east China's Anhui Province, plans to issue around 28 million shares and raise 165 million yuan (US$24.26 billion).

China resumed its A-share IPO in June after a nine-month suspension. Guilin Sanjin and Zhejiang Wanma became the first batch of enterprises to be listed.

Three more companies are preparing for their first show on the A-share market.

As the CSRC suspended IPO approvals for more than nine months, about 400 enterprises are waiting to go public. It will take at least two years for the A-share market to list those companies.


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