BEIJING - China approved the initial public offering applications of two new companies on the science and technology innovation board, according to a statement on the Shanghai Stock Exchange.

Shenzhen Qingyi Photomask Ltd, a leading manufacturer of high-precision masks, plans to raise 403 million yuan ($57.6 million) in funding.

Arcvideo Technologies Co, a provider of intelligent video solutions and video cloud services, will raise 600 million yuan.

So far, authorities have given the green light to 65 companies to be listed on the Nasdaq-style sci-tech innovation board.

The board, also known as the STAR market, was inaugurated on June 13 and designed to focus on companies in the high-tech and strategic emerging sectors, such as new-generation information technology, advanced equipment, new materials, new energy, energy-saving and environmental protection and biomedicine.

It eases the listing criteria but adopts higher requirements for information disclosure.