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

The companies will be allowed to raise no more than 3.1 billion yuan ($450 million), the China Securities Regulatory Commission (CSRC) said in a statement.

Four companies will be listed on the Shanghai bourse, one on the Shenzhen small- and medium-enterprise board and five on the 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 from an approval-based system to a more market-oriented one.