China's securities regulator will review initial public offering applications this week from seven companies seeking to list on the nation's planned Nasdaq-style market, state media reported Monday. The firms aim to raise a combined 2.2 billion yuan (322.1 million), the official China Securities Journal said.
The announcement signalled China is close to launching the long-anticipated new board, which like Wall Street's Nasdaq aims to help fuel the development of start-ups and other companies with high growth potential. The market will be based in the southern boomtown of Shenzhen in Guangdong province.