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China suspends new IPOs to stabilize stock markets: report
– theglobeandmail.com
Wall Street Journal reports that decision was made by officials from cabinet, central bank and securities regulator
Chinese securities firms create $19B fund to support plunging market; IPOs reportedly halted
– canadianbusiness.com
NEW YORK, N.Y. – China has reportedly decided to bar new initial public offerings of stock and create a fund to stabilize its stock market, which has been roiled by a wave of selloffs.
Twenty one Chinese securities companies, in a joint statement released Saturday, said they would pledge no less than 120 billion yuan ($19.33 billion) to invest in Chinese stocks and funds. The securities companies also said they would continue to invest in the market as long the Shanghai Composite index, the Chinese equivalent of the Standard & Poor’s 500 index, remains below 4,500. It closed at 3,686 on Friday.
The statement was posted on the website of the Securities Association of China.
Chinese regulators have also decided to temporarily suspend new Chinese initial public offerings, according to The Wall Street Journal, citing Chinese officials.
The Chinese stock market has been in free-fall for three weeks, losing 28 per cent of its value since June 12. Despite the plunge, the market is up 79 per cent in the last year…
Twenty one Chinese securities companies, in a joint statement released Saturday, said they would pledge no less than 120 billion yuan ($19.33 billion) to invest in Chinese stocks and funds. The securities companies also said they would continue to invest in the market as long the Shanghai Composite index, the Chinese equivalent of the Standard & Poor’s 500 index, remains below 4,500. It closed at 3,686 on Friday.
The statement was posted on the website of the Securities Association of China.
Chinese regulators have also decided to temporarily suspend new Chinese initial public offerings, according to The Wall Street Journal, citing Chinese officials.
The Chinese stock market has been in free-fall for three weeks, losing 28 per cent of its value since June 12. Despite the plunge, the market is up 79 per cent in the last year…
