Chinese companies this year are poised to raise the largest amount of money from initial public offerings since 2011. A total of 420 firms have raked in a combined 211.6 billion yuan (US$32 billion) from listing their shares on the Shanghai and Shenzhen exchanges, according to data compiled by Bloomberg. The biggest deal was the 4.1 billion yuan share sale by Caitong Securities. Policymakers want direct equity financing to play a more important role in supporting the overhaul of state-owned enterprises and the transition to a more consumption-based economy. However, the pace of approvals has slowed since the new listing committee under the regulator took charge in October. The approval rate has since stood at about 60 per cent as the committee tightens the rules and rejects candidates with dubious business models and accounting numbers.