The China Securities Regulatory Commission (CSRC) has approved the IPO applications of 10 companies, which will be allowed to raise no more than CNY3.1 billion. Four companies will be listed on the Shanghai bourse, one on the Small and Medium Enterprise Board in Shenzhen and five on ChiNext, China’s Nasdaq-style board. The companies and underwriters will confirm the IPO 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 its approval-based system to a more market-oriented one.