The China Securities Regulatory Commission said that it has received IPO applications from 704 companies so far this year.

112 of the initial public offering applications have been approved and are now pending flotation in China's A-share market.

Last year, funds raised in China through 349 IPOs dropped 41 percent to 286.1 billion yuan ($45 billion) after hitting a record figure in 2010.

The number of IPOs slowed down this year, as China's economic growth hit a three-year low in the first quarter.

A surge in the number of IPOs could trigger a sell-out in existing shares and put pressure on stock market prices.

The Shanghai Composite Index lost 0.34 percent on June 20 to 2,292.88 points, down 6.6 percent from this year's high, which was set on March 2.