Seventeen banks are waiting in line to be listed on China's A-share market, in the hope of raising up to a total of 90 billion yuan ($14 billion).

China Zheshang Bank Co Ltd, a national joint-stock commercial bank, eight city commercial banks, including Bank of Suzhou Co Ltd, Bank of Zhengzhou Co Ltd and Bank of Qingdao Co Ltd, and eight rural commercial banks are among the commercial lenders waiting to be listed on the Shanghai and Shenzhen stock exchanges, according to information posted by the China Securities Regulatory Commission on its website on Friday.

The initial public offering applications of two banks - Bank of Changsha Co Ltd and Bank of Zhengzhou - have passed the review by the Public Offering Review Committee of the CSRC and are awaiting formal regulatory approval, while the other 15 banks are still in the early and middle stages of the IPO process, according to the securities regulator.

The total estimated funds to be raised through the IPOs are expected to reach up to 90 billion yuan. If the banks obtained regulatory approval to issue shares in the minimum number required by law, the funds could be lowered to 40 billion yuan, the Beijing-based Securities Daily reported on Tuesday.

Since June 2016, the IPO applications of 12 banks have passed the review by the CSRC's Public Offering Review Committee. The questions raised by the securities regulator are mainly focused on a bank's performance, asset quality and regulatory compliance, Securities Daily reported.

More than half of the 12 banks were asked to clarify issues concerning their performance. Several banks were asked whether they were involved in major violations of laws and regulations during the reporting period, or whether any of their existing business activities are likely to be identified as violations.

The regulator's concerns also include the equity structures of the stock issuers, the stability and transparency of a bank's executive management team, the operation of various financial products such as wealth management products and off-balance sheet investments, and the regulatory compliance of affiliate transactions, according to Securities Daily. Publicly imposing administrative penalties on banks for violations of laws and regulations has become normalized due to regulatory tightening in China. It does not necessarily affect the banks' initial public offering, said Wu Qing, chief economist of China Orient Asset Management Co Ltd, who has been a research fellow on the banking sector for many years.

"Compared with other listed companies, commercial banks have relatively good performance, so their IPOs will provide good investment targets while raising funds at the same time," Wu said.

"In the long run, banks must make a transition from capital intensive to technology intensive to reduce their reliance on capital consumption for business expansion," he added.