The number of IPOs in the A-share market in the first half of this year surged 303 percent year-on-year to 246 on the back of reforms, according to Wind Information data.

The 246 IPOs raised about 125.6 billion yuan ($18.48 billion) in all for their companies, up 336 percent year-on-year.

This year’s IPOs first went through strict examination of the companies’ credentials and financials by the market regulators.

With the authorities tightening regulations and laying out clear policy guidelines on IPOs, delisting, refinancing, mergers and acquisitions, investor confidence is high, market insiders said.

The Shanghai Stock Exchange expects IPOs to raise 300 billion yuan by this year-end, up 67 percent year-on-year.

Liu Shiyu, chairman of the China Securities Regulatory Commission, said in February that the new registration system should not be seen as overly idealistic or mystifying. “It’s important to understand the system and ensure only good-quality companies get to list their shares. We’ll ... solve the IPO jam.”

He was referring to the inordinate rise in the number of firms applying for IPO approvals, which slowed down the system, causing a pile-up.

Since November 2016, however, IPO approvals by the CSRC’s Issuance Examination Commission have increased significantly to four batches per month, with each batch containing 10 to 12 companies.

IPO approvals are expected to reach 500 this year, raising hopes that if the rate of approvals is sustained, the backlog list would get shortened in a year.

EY, the global professional services provider, expects IPO approvals to slow a bit in the second half of this year, although their overall speed would be brisk.

This year so far, the IEC has approved 246 IPOs, or 85 percent of the total applications received. It also rejected 37 IPOs. Last year, 97 percent of IPO applications were approved.

Data on latest rejections show that the IEC is according much weight to legal compliance of issuers, and timely and accurate disclosure of information.