Investors appeared to react positively on Monday to China’s latest move to reopen its tap of initial public offerings, but some remain sceptical that Beijing is really relaxing its grip on the market.

Shares rallied as many investors interpreted the move as a vote of confidence in the results of the government's bailout-a string of actions taken over the summer and early fall to halt a stock market selloff. Last week, China entered a bull market, defined as a 20% rise from a recent low.