China announces reduction in number of IPOs, size of fundraising for July after market turmoil

China has sharply cut the number of initial stock offerings it will allow this month following this week's plunge in share prices.

The securities regulator said Friday on its microblog account that it will allow 10 companies to sell shares. It gave no details of which companies would be allowed to go ahead but said the amount of money raised would be reduced from June's level.

Some 28 companies had been planning to go public in the next two weeks, according to Hexun.com, a finance news website.

China's main market index tumbled 6.1 percent on Friday and was down nearly 18 percent for the week.