BEIJING, Sept. 21 (Xinhua) -- China's securities regulator approved applications by another four firms for listing on its Growth Enterprise Market (GEM) designed to fund start-ups Monday.

    Nanjing PANENG Technology Development Co., a Nanjing-based electricity firm, was vetoed, but no specific reasons were given.

    The China Securities Regulatory Commission (CSRC) announced the results in three separate statements on its website.

    It was the third batch of applicants obtaining rights for initial public offering (IPO) on the Nasdaq-style market.

    The regulator approved 13 companies in two batches last week.

    Ten companies, out of the approved 13, began IPO procedures Monday for listing on GEM at the end of October, according to the prospectus posted on the website of the Shenzhen Stock Exchange.

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