China approves IPO of Zhejiang-based pharmaceutical company

BEIJING, Sept. 22 (Xinhua) -- China's top securities regulator has approved an IPO application, which is expected to raise up to 600 million yuan (about 87.5 million U.S. dollars) in the A-share market.

Zhejiang Anglikang Pharmaceutical Co., Ltd. will be listed on the Shenzhen SME (small- and medium-sized enterprises) Board, according to the China Securities Regulatory Commission (CSRC).

The company and its underwriters will confirm IPO dates and publish prospectuses following discussions with the exchange.

Under the current IPO system, new shares are subject to approval from the CSRC. China is gradually switching from an approval-based IPO system to one based on registration.