Such companies must first be listed on the over-the-counter National Equities Exchange and Quotations for a year. NEEQ is China's third national equity exchange regulated by the CSRC.

IPO reform should be done gradually: Official

Cabinet calls for new share listing system

After authorities ended a 14-month IPO suspension, 43 companies were listed in January and five in February. No IPOs have taken place since then, leaving about 600 companies on the waiting list.

Chinese policymakers are seeking to improve the quality of IPOs as part of broader financial reforms aimed at luring investors amid a prolonged slump in the benchmark index.

The State Council, China's cabinet, said on May 9 that it will deepen reforms to improve the nation's securities markets.

The securities commission's statement on Monday also said that the CSRC will accelerate work on rules covering privately offered funds and the requirements for designated qualified investors.

It said the CSRC will further increase the quota under the Qualified Foreign Institutional Investor program, known as QFII, that allows foreign buyers to invest in yuan-denominated A shares.

The commission will strive to ensure that crude oil futures are launched by the end of this year.