The number of companies approved to go public in 2018 was less than 30% of that in 2017, with the pass rate hitting a ten-year low, according to a report in The Paper.

In 2018, the China Securities Regulatory Commission gave the green light to 111 out of 185 initial public offering applications, a pass rate of 60%, according to data from Wind terminal.

Previously, the rate only dipped below 80% in 2011 and 2017.

This compared with 2017 when the securities regulator approved IPO applications for 380 out of 479 companies, with a pass rate of 79.33%.

Earning high profits is no longer the trump card for companies to pass the IPO assessment, the report found.

The authenticity of performance, continuous profitability, internal management level have become the new areas to assess a company, the report said.