BEIJING — China’s top securities regulator has approved new IPO applications for two companies, which will raise no more than 1.7 billion yuan (about $248.9 million) in the A-share market.

Beijing Konruns Pharmaceutical Co will be listed on the Shanghai Stock Exchange, and Beijing Emerging Eastern Aviation Equipment Co will be listed on the Shenzhen Stock Exchange, according to the China Securities Regulatory Commission.

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 commission.

China is gradually switching from an approval-based to registration-based IPO system.