3 domestic IPOs, stock funds approved

China Securities Regulatory Commission has approved the initial public offering (IPO) plans of three domestic companies and the issue of three stock funds, according to its announcement on Friday.

The three companies include Sichuan-based software and equipment provider Wisesoft, nitrocellulose producer Sichuan Nitrocell Corporation, and Shandong Minhe Animal Husbandry Co. In addition, Shanxi Yabao Pharmaceutical Group Corp's application to issue additional shares was also approved.

The newly approved three stock funds boost the total number of the approved funds of this kind to 18 since February, which is equivalent to half of funds approved in the whole year of 2007.

Analysts said though the market is less sensitive to the new issue as more funds win approval, the aggregation of capital would possibly lead to positive short-term change in the market.