(Yicai) March 7 -- The initial public offering approval process in China has significantly shortened this year compared with last year, according to the latest data.

Fifteen companies received regulatory approval to go public this year as of yesterday, according to data from Wind Information. Except for the two that had submitted their application much earlier, the remaining 13 received registration approval in 15 days.

In comparison, the companies that had their IPO registrations approved in the same period of last year had to wait 43 days, excluding the few ones that had been in the queue for over 100 days.

The acceleration of the IPO approval process enables high-quality companies to receive timely financial support, ultimately promoting the development of the real economy, said Tan Gefei, chief consulting expert at Shenzhen Elephant Investment Consulting.

Moreover, it enhances market vitality and attractiveness, drawing more companies to choose to go public in the Chinese mainland and meeting the diverse needs of investors, Tan noted.

However, regulatory authorities have not relaxed requirements, Tan pointed out. Instead, the intensity of on-site inspections and the scope of on-site supervision have been expanded, imposing higher requirements on the performance, compliance, and information disclosure of companies planning to go public.

The government’s main focus of IPO support is on upgrading traditional industries and promoting hard technology, industry insiders told Yicai.

China will intensify efforts to accelerate the establishment of a support mechanism tailored for tech companies, Wu Qing, chairman of the China Securities Regulatory Commission, said yesterday at a press conference during the Two Sessions, the country’s key policy setting meetings.

Editor: Futura Costaglione