China's top 21 securities brokerages said on Saturday that they would collectively invest at least 120 billion yuan ($19.3 billion or 12.39 billion pounds) to help stabilise the country's stock markets after a slump of nearly 30 percent since mid-June.
A flurry of official policy moves over the past week, including an interest rate cut and a relaxation of margin lending rules, has failed to arrest the sell-off.
A report in Saturday's Wall Street Journal said officials have decided to suspend new stock sales to help boost the beleaguered market. According to the publication, regulators and leadership figures held a meeting to discuss a new round of stabilization measures.
The move to suspend new sales could affect billions of dollars of initial public offerings in the pipeline, the Journal added.