The Shenzhen Stock Exchange has overturned a set of policies for new listings released in March and rolled out a series of new measures, but analysts said Thursday that the new measures could mean higher risks for individual investors and may increase the risk of speculation.

Under the new scheme, trading in newly listed stocks will be halted for one hour if the stock price changes by as much as 10 percent on its first day of trading, with the aim of curbing speculation, said a statement posted on the Shenzhen Stock Exchange late Wednesday.

Another measure is that trading will be suspended for one hour if the turnover ratio exceeds 50 percent during the first day. There will also be a suspension of trading until three minutes before the exchange closes if the stock price changes more than 20 percent from the opening price for the day, said the stock exchange.

Analysts said that the new scheme has loosened the curbs on IPO speculation compared with the previous measures, under which trading in newly listed stocks would be halted until three minutes before the exchange closed as soon as the change in stock price reached 10 percent during the first day of trading.

"The previous scheme has been very effective in curbing speculation, but under the new measures, speculation may rebound and this could mean higher risks for individual investors," Zhang Qi, an analyst at consulting firm Zero2IPO Group, told the Global Times Thursday.

Zhang also noted that the new measures may result in more stock price fluctuations on the first day of trading, which will make it easier for investors to seek short-term gains.

"New stocks in the first four months this year reported an average price increase of some 20 percent on their first trading day, significantly lower than the previous level, which may have been a reason for the Shenzhen bourse to relax the curbs," said Li Ling, an analyst at ChinaVenture Investment Consulting Group.

Also starting from today on the Shenzhen Stock Exchange, the percentage of shares made available for institutional investors will increase. And trading in these shares will be allowed from the first day - under the previous measures, it was not allowed until three months after the first trading day.

"Though the new policy could mean more risks for individual investors, it can help to guarantee the subscription rate from institutional investors, which is key to a successful IPO," said Zhang.