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。