BEIJING - The China Securities Regulatory Commission (CSRC) has approved six IPO applications.

They will raise no more than 3.2 billion yuan ($470 million), CSRC said Friday in a statement.

Three companies will be listed on the Shanghai stock exchange, one on the Shenzhen small and medium enterprise board and two on the ChiNext, China's NASDAQ-style board.

The firms and their underwriters will confirm dates and publish prospectuses following discussions 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 gradually switching from an approval-based IPO system to a more market-oriented one based on registration.