China announced on Friday that it will loosen grips on the approval of initial public offerings (IPOs) on the ChiNext Board, the country's NASDAQ-style board, to help financing of startups. Rules over the financial conditions of pre-listed companies are set to be eased, as requirements concerning revenue and net profit increases were replaced by milder regulations, according to the announcement of the China Securities Regulatory Commission (CSRC). Under the new regulations, enterprises only have to prove they have made profits for two consecutive years, with total profits no less than 10 million yuan (1.62 million U.S. dollars), or that they have achieved profits in the previous year with revenue higher than 50 million yuan. The CSRC said the new rules are more consistent with features of innovative small and medium-sized enterprises and will benefit more businesses in the future. Meanwhile, the securities regulator strengthened information disclosure and monitoring over issuers and intermediaries.