(Yicai Global) Jan. 19 -- Chinese authorities only approved five initial public listing applications out of 12 for the week ending Jan. 21, with the pass-rate falling to a four-week low of 41.7 percent amid tighter regulation.

China Securities Regulatory Commission's Issuance Examination Committee, set up late last year, rejected five of the other A-share listing applications and placed two on hold while it carries out further reviews, the CSRC said in a press briefing today.

Regulators have processed 27 IPO applications so far this year, with a mere 12 successful, representing an overall pass rate of 44.4 percent, compared to the 79 percent for last year. Increasingly stringent measures will see new share issues fall to between 300 to 350 this year, industry insiders predict.

The A-share IPO pass rate has been on the decline ever since the committee's introduction in October, with 55.7 percent approved since then. The group has placed strict checks on profitability, financial data accuracy, related-party transactions and gross margin irregularities.

438 new stocks listed on the A-share market last year and the commission gave the green light to 401 applications, with both figures hitting all-time highs.