BEIJING — The China Securities Regulatory Commission (CSRC) has approved IPO applications from 10 companies.

They will raise no more than 4.6 billion yuan ($670 million), according to a CSRC statement.

Five companies will be listed on the Shanghai stock exchange, two on the Shenzhen small and medium enterprise board and three on the ChiNext, China's NASDAQ-style board.

The firms and their underwriters will confirm IPO dates 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 gradually switching from an approval-based IPO system to a more market-oriented one based on registration.