“According to company filings to the exchanges Saturday evening, 10 companies will suspend IPOs on the Shanghai Stock Exchange and 18 will do the same at the Shenzen Stock Exchange. The move was ordered at a meeting of the State Council, China’s cabinet, and will be enforced by the China Securities Regulatory Commission, the financial magazine Caijing reported on its website on Saturday, without saying how it obtained the information or how long the planned freeze would last. The People’s Daily, the official newspaper of China’s ruling Communist Party, urged investors to stay calm. Moves to stabilize the market take time to transmit, the paper said on Weibo.”
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