BEIJING, March 25 (Xinhua) -- China's securities regulator has approved initial public offering (IPO) applications of 10 companies.

The 10 companies will be allowed to raise a maximum of 6.1 billion yuan (884.1 million U.S. dollars), China Securities Regulatory Commission said in a statement on its website.

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, according to the statement.

The companies and underwriters will confirm trading dates after discussion 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 seeking to transform from an approval-based system to a more market-oriented one.