BEIJING - China's securities regulator has approved IPO applications from five companies, which will raise up to 3 billion yuan (more than $450 million) in the A-share market.

Two companies will be listed on the Shanghai Stock Exchange, two on the Shenzhen small and medium enterprise board, and one on the ChiNext, a NASDAQ-style board, according to the China Securities Regulatory Commission (CSRC).

The firms and their underwriters will confirm dates and publish prospectuses following discussion with the exchanges.

New shares are subject to official approval under the current IPO system, which is gradually switching to a more market-oriented system from an approval-based one.

Since suspending IPOs between July and November 2015, China has sought to normalize IPOs to improve financing efficiency and direct more money into the real economy.