The China Securities Regulatory Commission (CSRC) has approved IPO applications for five companies.

The firms will be allowed to raise a maximum total of 2.6 billion yuan (374 million U.S. dollars), a CSRC statement said.

Three of the firms will be listed on the Shanghai exchange, one on the Shenzhen SME board, and one on the ChiNext, which lists China's NASDAQ-style enterprises.

The five firms and their underwriters are scheduled to confirm the IPO dates following discussions with the exchanges before publishing prospectuses.

Under the current IPO system, new shares are subject to approval from the CSRC, which controls both the timing and pricing.

China is working on transforming its IPO approval system to one based on registration that will allow the bourses to take over IPO approvals and clear the backlog of companies on the waiting list.

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