BEIJING, Feb. 11 (Xinhua) -- The China Securities Regulatory Commission (CSRC) on Friday approved 12 IPO applications.

The 12 firms will be allowed to raise a maximum of 7 billion yuan (1.03 billion U.S. dollars), a CSRC statement said Saturday.

Six of the firms will be listed on the Shanghai exchange, two on the Shenzhen SME board, and four on the ChiNext, China's NASDAQ-style board.

The 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 into one based on registration, which will allow the bourses to take over IPO approvals and clear the backlog of waiting companies.