HONG KONG — Shares started trading in six newly listed companies in China on Wednesday after a five-month hiatus for initial public offerings and just weeks before rules governing investors in new listings are set to change.

香港——首次公开募股暂停五个月后，周三，六家新上市公司在中国开始股票交易。几周后中国将修改有关新上市公司投资者的规定。

Shares in all the companies surged by their daily limit of 44 percent, a typical increase for listings in China. The Shenzhen and Shanghai stock indexes were both up about 0.6 percent by midday.

全部六家公司的股票都飙升至44%的每天涨停上限，这样的增长对在中国上市来说十分常见。截止午前，深沪两市股指均上升了约0.6%。

The companies had filed to go public between February and June, but the Chinese government had banned new share sales in July in an effort to stem a plunge in the markets. The move created a backlog of nearly 700 companies that have been waiting to make their debuts.

这些公司是在二月至六月间提交上市申请的，但是在七月，为了遏制股市暴跌，中国政府禁止了新股发行。禁令颁布后，累计约700家公司一直在等待上市。

Public offerings were a popular investment before the ban, with companies often reaching the limit of how much their shares could rise on the first day. That effect was partly because of speculation and partly because of government policies meant to ensure that businesses were not overvalued when they went public.

在新股发行被禁止前，公开募股是热门的投资方式，公司往往在上市首日便达到股票的涨停上限。这种现象部分是由于投机活动的影响，部分是因为政府政策希望确保上市时公司的价值不会被高估。

Under current rules, buyers must back their order with cash up front, even though the entire share order is unlikely to be filled. That can temporarily tie up hundreds of billions of dollars that might be invested elsewhere.

根据现行规定，投资者必须在申购前预付现金，即便实际上不太可能足额付款。这能使数千亿美元的流动投资资金被暂时冻结。

About 3.978 trillion renminbi, or about $606 billion, was locked up for initial public offerings in June, while 42 billion renminbi was actually raised, according to ANZ Research.

据澳新银行研究中心(ANZ Research)，六月有3万9780亿人民币因IPO申购被冻结，其中只有420亿人民币实际用于募股。

But the China Securities Regulatory Commission said the deposit requirement for initial public offerings would be different in 2016. That may make more funds available for investing in new listings, and stocks in general, analysts said.

不过，中国证监会表示，对IPO预付款的要求会在2016年有所改变。分析人士称，此举可能会使更多投资新上市公司的基金出现，整体上股票增加。

Changing the rules could make new listings more inviting, said David Qu, a rates strategist at ANZ Research.

澳新银行研究中心利率策略师曲天石(David Qu)说，改变规定会令新股发行更具吸引力。

The old requirements, however, apply to the companies that started trading on Wednesday and the other 22 expected to list before the end of the year. Nonetheless, Mr. Qu says there is little to worry about.

然而，旧的预付款要求仍然适用于周三开始的股票交易以及其他22家预计在今年年底前上市的公司。但曲天石认为没必要太过担心。

“The P.B.O.C. is definitely going to maintain accommodative liquidity in the market in spite of the I.P.O.s,” he said, referring to the People’s Bank of China. “They will inject liquidity when necessary, so I’m not worried about the I.P.O. tightening this year.”

“就算有IPO，央行也肯定会保持市场的流动性宽松，”他说。“他们会在必要时注入流动性，因此我对今年的IPO收紧并不担心。”

Shanghai’s main share index plunged 5.5 percent at the end of November, after Beijing cracked down on fraud and insider trading in the financial sector. But the resumption of I.P.O.s may also have contributed to sagging shares, as investors cashed out of their holdings to prepare for the new offerings.

十一月底，在中国政府严打金融市场的欺诈和内幕交易后，上海的主要股票指数下跌了5.5%。由于投资者将股份套现，以为新一期募股准备资金，重启IPO亦可能加剧了股票的下跌。

Herald van der Linde, an equities strategist at HSBC, said the government was working hard to make the process of going public more efficient. He added that it would take a while to see how the market responded to the resumption of public offerings.

汇丰银行(HSBC)证券策略主管林传英(Herald van der Linde)表示，政府为增加上市过程的效率作了许多努力。他还说，市场对重启公开募股的反响如何，要过一段时间才能看出来。

“Sometimes when equity markets are hot, you see them do phenomenally well,” he said, referring to new listings. “I don’t really expect that at the moment; you get that when there is liquidity. It will be much more muted from what we’ve seen for some of the past.”

“有时候当股市大热，它们的表现便好得惊人，”他提到新上市公司时说。“我目前对那不抱太大期望；有流动性才会有那样。跟以前比起来，现在我们看到的应该会平缓很多。”

Anji Foodstuff, a condiment maker; BanBao, a toy manufacturer; and Bomin Electronics, which makes printed circuit boards, were listed on the Shanghai stock exchange on Wednesday.

周三在上海股市上市的公司包括调味料制造商安记食品股份有限公司、玩具制造商邦宝益智玩具股份有限公司和印刷电路板制造商博敏电子股份有限公司。

The Shenzhen listings were Hubei Kailong Chemical Group, which makes explosives; Zhejiang Zhongjian Technology, which makes gardening machinery; and Beijing Sanfo Outdoor Products, a manufacturer of camping items.

在深圳上市的公司包括爆炸物制造商湖北鼎龙化学股份有限公司、园林机械制造商浙江中坚科技股份有限公司和野营用品制造商北京三夫户外用品股份有限公司。