China Halts IPOs in Move to Stop Stock Market Decline

China ordered a halt to new IPOs on its two domestic exchanges, Shanghai and Shenzhen. The move seeks to stop a precipitous month-long decline of over 30% in the exchange indexes, including a 7% drop last Friday. The government hopes the hiatus in new offerings will encourage investors to hold on to their present holdings, rather than selling them to buy new offerings. In addition, the nation's largest stock brokerage companies agreed to buy $19.3 billion worth of stock in already public companies, another move that could support stock prices. More details.... Share this with colleagues: // //