China greenlights 10 IPOs

BEIJING — The China Securities Regulatory Commission (CSRC) has approved IPO applications from ten companies, the same number as last week.

They will raise no more than 5.1 billion yuan (about $740 million), the CSRC said in a statement.

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.

The companies and underwriters will confirm 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.