Chinese securities firms create $19B fund to support plunging market; IPOs reportedly halted

China has reportedly decided to bar new public offerings of stock and will create a fund to stabilize its stock market, which has been roiled by a wave of selloffs..

Twenty one Chinese securities companies, in a statement released Saturday, said they would pledge no less than 120 billion yuan ($19.33 billion) to invest in Chinese stocks. The securities companies also said they would continue to invest in the market as long the Shanghai Composite index remains below 4,500. It closed at 3,686 on Friday.

Chinese regulators have also decided to suspend new Chinese initial public offerings, according to The Wall Street Journal.

The Chinese market has been in free-fall for three weeks, losing 28 percent of its value. Despite the plunge, the market is up 79 percent in the last year.