BEIJING, April 30 -- Well-educated yet inexperienced young Chinese are betting on stocks, while market regulators have warned that quick money is risky.

New stock accounts surged by 433 percent year on year in the first quarter to reach almost 8 million, data from China Securities Depository and Clearing Co. showed.

About 62 percent of the new investors are in their late twenties or early thirties, according to the data.

Chinese shares fluctuated this week after a strong rising streak. The Shanghai composite index rose more than 3 percent to hit a seven-year high on Monday, followed by an unexpectedly sharp decline on Tuesday.

Chen Wei, an analyst from CITIC Securities, said the market is experiencing substantial fluctuation, increasing risk for short-term investments.

The securities regulator urged individual investors to be fully conscious of risks.