(Yicai) Jan. 16 -- The number of Chinese companies that have received regulatory approval to list shares offshore, mainly in Hong Kong and New York, has jumped since the start of this year.

The China Securities Regulatory Commission had greenlit 14 firms for listings outside of the Chinese mainland as of yesterday, according to its website. Ninety-one others are in the queue, with 70 percent planning offerings on the Hong Kong Stock Exchange and the rest on the Nasdaq market. They aim to raise from a few million US dollars up to as much as USD520 million.

The filing system for businesses seeking offshore listings was implemented on March 31 last year. The CSRC had approved 72 applications as of the end of 2023, with 26 firms aiming to list in the United States and 46 in Hong Kong.

Support for offshore listings is an important sign of the internationalization of China's capital market, CSRC Vice Chairman Fang Xinghai said on Jan. 10, when the Overseas Listed Companies Branch of the China Association for Public Companies was formed.

Offshore listings have also created a good opportunity for international investors to share in the dividends of China's economic development, Fang added.

The 14 businesses approved so far include Rimag, Zhengye Biotechnology Holding, and Longquan Haoma AI Driver Training Technology Holding. The firms are in new economy sectors such as autonomous driving, biomedicine, the metaverse, and artificial intelligence-generated content as well as more traditional industries like manufacturing, engineering, construction, food and beverage, and clothing.

Editor: Martin Kadiev