Beijing suspended new share sales over the weekend to “stabilize” the country’s volatile stock markets, which plunged by nearly 30% in the three weeks to July 3.
China Securities Regulatory Commission CSRC spokesman Deng Ge announced late on Sunday night that there would be no initial public offerings in the near future.
Although the securities regulator will not stop reviewing IPO applications, the number of IPOs and the size of fundraising will be significantly reduced, he added.
The CSRC announcement came after 28 Chinese companies on Saturday agreed to “voluntarily” postpone their IPO plans, with most attributing the decision to the...
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