Chinese regulator greenlights 10 IPOs

BEIJING - The China Securities Regulatory Commission (CSRC) has approved the IPO applications of 10 companies.

The companies will raise no more than 6.2 billion yuan ($899 million), a statement said late Friday.

Five companies will be listed on Shanghai Stock Exchange, two on the Shenzhen stock market's Small and Medium-sized 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. China is gradually switching from an approval-based IPO system to a more market-oriented one based on registration.