Chinese regulator approves 10 IPO applications

BEIJING — China's stock market regulator has approved the initial public offering (IPO) applications of 10 companies.

The companies will be allowed to raise up to 5.1 billion yuan ($741.9 million), China Securities Regulatory Commission (CSRC) said in a statement.

Six companies will be listed on the Shanghai bourse, one on the Shenzhen small- and medium- enterprise board and three on the ChiNext, China's NASDAQ-style board.

The 10 firms and their underwriters will confirm the dates for the IPOs and publish prospectuses following discussions with the exchanges.

Under the current IPO system, new shares are subject to approval from the CSRC, which controls both the timing and pricing.

China is working on transforming its IPO approval system into one based on registration, which will allow the bourses to take over IPO approvals and clear the backlog of waiting companies.