China Securities Regulatory Commission announced on Friday that it has approved the initial public offering (IPO) plans of three domestic companies.

They are the Sichuan-based software and equipment provider Wisesoft, nitrocellulose producer Sichuan Nitrocell Corporation, and husbandry company Shandong Minhe.

It also approved the issue of three stock funds, bringing the total of newly approved funds of this kind to 18 since February. A bond fund also won approval.

New funds approved since February equals half of all funds approved last year, which would injects more capital into the declining stock market.

Though the market is less sensitive to new fund issue as more funds win approval, the accumulation of capital would possibly lead to positive short-term change in the market, analysts said.

(Xinhua News Agency March 22, 2008)