Nine Chinese firms to go public

BEIJING — The China Securities Regulatory Commission (CSRC) has approved IPO applications from nine companies.

They will raise up to 6.5 billion yuan ($957 million), the CSRC said in a statement.

Four companies will be listed on the Shanghai stock exchange, one on the Shenzhen small and medium enterprise board, 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.