IPO freeze necessary to stem rout

Direction of capital market reforms in China will not see any major changes, says regulator

China's securities regulator said on Friday that the temporary halt in new share offerings is a necessary measure to stem the ongoing stock market rout and the direction of the long-term, market-driven reform of the country's capital market has not changed.

The regulator dismissed market concerns that the recent swings may delay the much-anticipated launch of the registration-based scheme for initial public offerings.