Four months ago, when China’s stock market was flying high, regulators and exchange officials were brimming with ambition and discussing bold reforms. Then the Shanghai Stock Exchange Composite index fell by 35 per cent in less than a month. Now the focus is back on risk control and stability, with deregulation firmly on hold.

While listed companies and their investors are pleased that the government and state-owned financial institutions have stepped in with aggressive measures to support the market, those seeking to raise new capital now face an uncertain future.

More than 550 companies were awaiting government approval to list on either the Shanghai or Shenzhen stock exchanges by mid-August. But amid the market turmoil, the regulator said it would slow the pace of initial public offerings (IPOs) to avoid siphoning demand from existing shares.