Shares of the first batch of Chinese initial public offerings of Chinese companies under the country's new rules in Shanghai and Shenzhen markets soared almost 100% on average Monday, signaling that there may be a new resurgence in Chinese companies going public under the nation's more relaxed regulations.

Top performers among the new listings include electronics distributor Shenzhen CECport Technologies, which saw shares trading up over 220%, and $1.1 billion IPO debut from Shaanxi Energy Investment, a state-owned electricity utility. Another blockbuster performance was seen by Dencare Chongqing Oral Care, an oral products company, who opened up 98% from its IPO and rose as much as 214%. The average gains across all the launches was over 96%, according to the Financial Times.

Yi Huiman, chair of the China Securities Regulatory Commission, said on Monday that the country's changes to its IPO system are "all-round and fundamental, centered by information disclosure," quoted by Reuters.

"Regulators no longer pass judgement on the firm's investability or value," he added. "This reform is about turning the blade inward, a change to the basic regulatory logic and its implication to the financial market is far reaching."

Under the new rules, there is no daily trading limit for the first five trading days for shares under the new IPO. Previously, new stocks listed on China's Shanghai and Shenzhen markets could only rise as much as 44% and decline no more than 36% in their listings, Reuters reports. The new rules also removed the limit that had capped the IPO price at 23 times earnings per share. However, stocks listed on the countries main boards are subject to a 10% daily trading limit after that initial period.

The rules also reduce regulatory involvement in new listings, allowing companies from broader industries outside of the highly popular tech sector to benefit from the same system.

Still, some financial experts argue that the massive gains seen by this first batch of companies signals the need for more comprehensive reforms to the country's equity fundraising rules, the FT reports.

"The fact that you have these ridiculous jumps on Day One clearly means companies are being undersold," said Fraser Howie, an independent analyst on China's financial system, quoted by the FT. "This is still a process where there is tremendous [state] oversight and control."