China’s investment frenzy in initial public offerings (IPOs) is back, as a dearth of investable options in the country’s capital markets and excessive cheap money chase after the returns from first-day stocks trading. Of the 13 stocks that made their trading debuts last week in Shanghai and Shenzhen, every single one surged by their allowable 44% limit on the first day. “This is like gambling – very risky,” said Ken Wong, an Asia equity portfolio specialist at Eastspring Investments. “These investors are driven by momentum, rather than fundamentals.” The frenzy is a radical departure from last year, which had a slow start in IPOs following a 2015 market rout. The number of companies that sold stock last year rose to 227, from 219 in 2015, while the proceeds from the IPOs declined 6% to CNY150 billion. One in every five of last year’s IPOs, or 48 of them, hit the 44% price increase limit on their debut, and had their trading suspended in Shanghai and Shenzhen. Chinese regulators have repeatedly warned investors about the risks of chasing speculative returns in IPOs. The stock exchanges have also imposed rules to curb irrational buying, such as putting in daily trading limits and suspensions, the South China Morning Post reports.