China saw 143 initial public offerings (IPOs) that raised a total of 162.4 billion yuan (about 23.2 billion U.S. dollars) in the first 10 months of the year, according to the China Securities Regulatory Commission (CSRC), the country's top securities watchdog. 

The number of IPOs on the Shanghai and Shenzhen stock markets fell from 436 in 2017 to a five-year low of 105 in 2018, when funds raised dropped 40 percent year-on-year, data showed. 

The continued rigorousness of the IPO review process reflects the country's efforts on capital market reform. The CSRC has been tightening access to IPOs and facilitating exits of unqualified listed firms, said Yan Qingmin, vice chairman of the CSRC. 

The CSRC is advancing the comprehensive reform of the capital market, with raising the quality of listed firms set as one of the primary targets, Yan said. 

During the January-October period, 16 companies were delisted, as compared to eight in 2018. Among the 16 delisted enterprises, seven were forced to delist, one delisted itself, and the rest were merged or reorganized.

Some of the companies triggered the mandatory delisting standards for financial target, while some engaged in a variety of unlawful activities including those harming national security, public safety or public health.

Changsheng Bio-technology, a major Chinese vaccine maker involved in a defective vaccine case, received notice of a mandatory delisting from the Shenzhen Stock Exchange on January 14, 2019.

Yan emphasized the CSRC will beef up supervision with focus on companies with high risks.

(With input from Xinhua)