China's securities regulator on Friday announced a fresh round of its campaign to crack down on the manipulation of newly listed shares, which it said has seen excessive price surges and abnormal trading.

The regulator is investigating 16 cases related to abnormal trading and market manipulation of newly listed shares, said Zhang Xiaojun, the spokesman for China Securities Regulatory Commission.

"The share prices have risen substantially this year, with both trading volumes and market value showing apparent abnormal movements," Zhang said.