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China's market for initial public offerings (IPOs) is the hottest it's ever been.
中国的首次公开募股(IPO)市场正处于空前火爆的状态。
The 62 new stocks that have completed their first month of trading this year soared 420%, on average, over that time, the steepest such rally on record, data compiled by Bloomberg shows.
彭博社汇编的数据显示，今年完成首个交易月的62只新股同期平均涨幅达420%，创下纪录新高。
A clue as to why is the average size of this year's offerings dwindling to $88m, the smallest since 2005.
原因之一是今年的IPO平均规模缩减至8800万美元，为2005年以来的最低水平。
While huge returns on the Chinese mainland IPOs are not new, the numbers are getting even more eye-watering as the China Securities Regulatory Commission (CSRC) seeks to stabilize the nation's $6.1 trillion equity market.
虽然中国大陆IPO的高回报率并不新鲜，但随着中国证监会力图稳定价值6.1万亿美元的中国股市，回报率数字正变得更加令人垂涎。
As the market stabilizes, the CSRC is set to approve bigger deals for the second half, people familiar with the matter said.
知情人士称，随着市场逐步稳定，证监会将在下半年批准更大规模的交易。
"Investing in A-share IPOs is highly profitable because regulators keep prices low," said Hao Hong, chief strategist at BOCOM International Holdings Company.
交银国际控股有限公司的首席策略师郝红表示，因为监管机构坚持低价发行新股，投资A股IPO非常有利可图。
"Regulators are carefully watching and testing market reactions as they approve IPOs," said Dai Ming, a money manager at Hengsheng Asset Management Company in Shanghai. "They tend to tighten approvals when the market slumps and release more deals when sentiment improves."
上海恒盛资产管理公司基金经理戴明表示：“当批准上市时，监管机构正在密切关注并测试市场反应。当市场暴跌时他们往往收紧审批，而当情况得到改善，则会放出更多的交易。”
More than 800 companies have filed IPO applications and are waiting for approval, according to the CSRC's website.
根据证监会网站，已有超过800家公司递交了IPO申请，正在等待审批。
