The initial public offering applications of 11 companies have been approved, according to the Shanghai Stock Exchange and Shenzhen Stock Exchange on Monday.

The 11 enterprises, five to be listed on the Shanghai Stock Exchange and six on the Shenzhen Stock Exchange, are the first batch of IPO approved after the implementation of the new registration-based IPO system on Feb 17, news portal ThePaper.cn reported on Tuesday.

The five companies to be listed on the Shanghai Stock Exchange, including Zhongzhong Science and Technology (Tianjin) Co Ltd and Jiangxi Salt Industry Group Co Ltd, aim to raise 7.25 billion yuan ($1.05 billion), while the six companies to be listed on the Shenzhen Stock Exchange, including Nanchang Mineral Systems Co Ltd and Shaanxi Energy Investment Co Ltd, eye 10.34 billion yuan in total.

Seven out of the 11 enterprises are from the manufacturing sector, with three focusing on chemical products, two on special equipment, one on pharmaceutical manufacturing, and one on general machinery manufacturing.

According to industry insiders, the first batch of enterprises will be listed under the new registration-based IPO system in April at the earliest.

The new registration system has significantly improved the efficiency, transparency and predictability of IPO approval and registration, according to a research report of Dongguan Securities, adding that the new system will boost the enthusiasm of enterprises to get listed and drive the expansion of the capital market.

Kaiyuan Securities predicted that about 100 to 140 new shares will be listed on the main board in 2023, thanks to the improved efficiency brought by the new registration system, said the report.