A Nasdaq-style subsidiary of the Shenzhen Stock Exchange, ChiNext, announced the approval of the first three companies on Monday for the registration-based listing.

The listing committee reviewed and advocated the initial public offering application on Monday from

Beijing Feng Shang ShiJi Culture Media Co.Ltd., Bloomberg Profile (http://www.fssjart.com/en/)

Contec Medical Systems Co. Ltd Bloomberg Profile (www.contecmed.com)

LD Intelligent Technology Co. Ltd. Bloomberg Profile (www.llddl.com)

Beijing FengShangShiJi Culture Media offers creative, design, and production services and mainly engaged in cultural performing arts activities in the Shanghai-centered Yangtze River Delta region.

According to the company, Contec Medical Systems is a high-tech firm specializing in the research, development, production, and sales of diagnostic and monitoring equipment. LD Intelligent Technology is a packaging company, offering design, manufacturing, and sales of corrugated boxes and cardboards.

Five members of the listing committee included a government officer from Fujian Securities Regulatory Bureau, a partner from Beijing Hairun Tianrui Law Firm, and a partner from Dahua Certified Public Accountants.

The chairman of Chinese information technology company iFlytek and the deputy general manager of Chinese battery manufacturer Contemporary Amperex Technology also participated in the committee.

These three companies are expected to be listed on the board of ChiNext, which was launched in 2009 and targeted innovative and fast-growing enterprises, especially high-tech firms. The net profit of these companies in the last two years has been positive, and the cumulative net profit is above the listing requirement of 50 million yuan ($7.14 million).

After the registration with the China Securities Regulatory Commission, the proposed IPO company can complete online and offline issuance within12 working days; the listing can be arranged on the seventh trading day after the issue date.

Chinese media reported that as of last Sunday, China’s security authority has accepted 270 IPO applications, 114 listed companies’ refinancing applications, and 6 listed companies’ major asset restructuring applications.

New securities law with a registration-based IPO system was first adopted on December 28 last year and entered into effect in March. The new 226-article Law will implement a more market-oriented registration system for all initial public offerings.

Under the previous law, the approval system IPOs in China were basically determined by the China Securities Regulatory Commission. China’s security authority rules whether a company can go public, whether it meets the listing requirements, how much money it sells per share, how large the issuance size, and when it is issued in the past.

The revised security law emphasizes the importance of information disclosure. For overseas-listed companies in the U.S, Hong Kong, or other regions, any information must be disclosed in mainland China concurrently.

Companies in mainland China raised over a record of 138 billion yuan ($19.7 billion) in the first half through 117 IPOs, up 129% year-over-year. The Shanghai Stock Exchange contributed 80% of the total funding, with 110.5 billion yuan ($15.8 billion) and 72 IPOs while the Shenzhen Stock Exchange recorded 27.6 billion yuan($4 billion) in financing and 45 IPOs.