BEIJING - China's stock market regulator approved 10 IPO applications in the past week.

The companies will be allowed to raise up to 6 billion yuan ($870 million), China Securities Regulatory Commission (CSRC) said in a statement Friday.

Six companies will be listed on the Shanghai bourse, two on the Shenzhen small- and medium-enterprise board and two on the ChiNext, China's NASDAQ-style board.

The 10 firms and their underwriters will confirm the dates for the IPOs 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 timing and price.

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