China halts IPOs as AI stock rout erases $480 billion

China has reportedly paused approvals for new share listings after a steep drop in artificial-intelligence and chip stocks erased about $480 billion from the STAR 50, a Shanghai index of homegrown chip and AI companies. That index has fallen roughly 40% from its July peak, while the broader CSI 300 is about 20% below its June high. New listings had helped Beijing direct household savings into its technology push, but regulators now want to avoid adding shares to a weak market. In August 2023, the China Securities Regulatory Commission curbed new offerings; IPO activity later dropped 70% year on year, with 42 companies pricing deals over the next few months.