BEIJING — The China Securities Regulatory Commission (CSRC), the country's top securities market regulator, has approved IPO applications from nine companies.

They will raise no more than 4.4 billion yuan ($652.8 million), the CSRC said in a statement.

Five companies will be listed on the Shanghai stock exchange, and four 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.