China Securities Regulator Uses 'Window Guidance' to Halt IPOs, Major Shareholder Sales Amid Stock Slump; Yangtze Memory Listing at Risk

China's securities regulator has delivered informal guidance to investment banks to temporarily halt initial public offerings (IPOs) and large-scale share sales by major shareholders. The move follows an 8.5% plunge in the CSI300 index in October, its worst monthly performance in more than a decade. The People's Bank of China has also stepped up defenses, cutting the relending rate supporting share buybacks to 1% from 1.25% and launching a CNY 100 billion (approximately $15.0 billion) swap facility. With IPO proceeds reaching CNY 292 billion (approximately $43.8 billion) this year, the highest since 2023, the listing timetable for Yangtze Memory Technologies (YMTC) is expected to be disrupted.