On Friday, state media specified that the first seven initial public offering applications have been passed by China's securities regulator for companies looking to list on a planned Nasdaq-style exchange.

A well-known Chinese Journal reported that seven start-ups were selected by the China Securities Regulatory Commission - from medical equipment makers to software developers - to compile the list on the Growth Enterprise Market.

A statement issued by the commission read, "The companies planned to raise a total 2.27 billion yuan (333 million dollars) from the share offerings, according to previous state media reports. The regulator was expected to meet in Beijing again on Friday to review IPO proposals from six more companies and consider five additional firms on Monday."

Regulators expect to see an increase in the development of start-ups and other companies by the long-anticipated new board. It might also lead to high growth potential in the world's third largest economy.

As of now, the exact launch date has not been decided for the market, which will be laid in the southern boomtown of Shenzhen in Guangdong province.