China's top securities regulator has approved new IPO applications from two companies, which will raise no more than 900 million yuan (about 138.5 million U.S. dollars) in the A-share market.

Milkyway Chemical Supply Chain Service Co. will be listed on the Shanghai Stock Exchange, while Wuhan EasyDiagnosis Biomedicine Co. will be listed on the Shenzhen small and medium enterprises board, according to the China Securities Regulatory Commission (CSRC).

The two companies 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 one based on registration.