Chinese measuring tool maker Chengdu Yangzhiguang Industrial said on Tuesday it has won preliminary approval from the country's top securities regulator to issue 370 million new shares to investors, including a unit of Goldman Sachs.

In a filing with the Shanghai bourse, Yangzhiguang said it had received the green light from the China Securities Regulatory Commission (CSRC) to go ahead with the offer, which it initially applied for in 2006. Final approval has yet to be given by the CSRC, it said.

No other details, such as the price of the new offer, were given. Shares in Yangzhiguang last traded at 28.70 yuan ($3.87) each, up 169 percent over the past 12 months.

Yangzhiguang said last November that it wanted to issue an additional 370 million shares in a private placement, within which 60 million, or a 12.08 percent stake in the Chinese company, would be sold to Jade Dragon (Mauritius) Ltd, a Goldman Sachs unit.

Some global investment and private equity firms, eager to cash in on China's breakneck economic growth of more than 10 percent annually, have run into regulatory hurdles amid worries that China is selling industrial assets too cheaply.

Earlier this month, the CSRC blocked a $119 million deal by China's top automotive glass maker, Fuyao Group Glass Industries Co, to sell a nearly 10 percent stake to an investment arm of Goldman Sachs.

In August, the securities regulator blocked a separate plan by Goldman to buy a 10.7 percent stake in Midea, one of China's top home appliance makers, for about $96 million.