The number of new share accounts being opened in China has fallen sharply since the government decided to increase the tax on buying shares.
Investors are nervous about measures to cool the stock market
Investors opened 197,324 new A-share trading accounts on Monday, down from a peak of 455,111 registered on 28 May.
The government put up the tax on share trading from 0.1% to 0.3% on 30 May.
The drop in the figures from the China Securities Depository and Clearing Authority also followed a series of sharp falls in Chinese share prices.
The government has been keen to cool the Chinese stock market amid signs that it was overheatnig, as private individuals raced to transfer money from their savings accounts into shares.
The Shanghai Composite Index closed 0.24% higher at 3,776.32 on Wednesday in a sign that trading is beginning to return to normal.
In the previous five sessions, the market had fallen as much as 21% as small investors panicked about whether there would be further measures taken to cool the market.
Wednesday's close left the index 13% below its all-time high from 29 May, but still 41% above where it was at the start of the year.
Wu Xiaoling, a deputy governor of the People's Bank of China, has urged investors to keep faith in the volatile markets.
"The intention of the government's macro controls is very clear - that is to ensure a healthy, rising market," he said.
China has a total of 102.5 million stock-trading accounts, of which 25% have been opened in the last 18 months, according to the authority.