China approves 20 IPOs, steps up pace as market rallies

SHANGHAI (Reuters) - China's stock market watchdog has approved the initial public offerings of 20 firms, it said late on Monday, around double the number it approved on average last year. The move is seen aimed at tempering the country's red-hot stock market, which gained more than 40 percent in the fourth quarter last year. "Apparently, regulators are increasing new share supplies amid the recent market bull run," the semi-official China Business News said in a report on Tuesday. "The market e