China Securities Regulatory Commission (CSRC) reportedly took the incredible step of freezing trade on 43 percent of shares in the entire stock market.
Despite the effort, the Shanghai Composite and CSI 300 would still open the day sharply lower. The opening move for the benchmark index was a painful 7 percent. With market limits in place, many shares would hit the 10 percent limit down boundary that would halt trading for the rest of the session (not to reopen until the following day). By some estimates, between pre-open freezes and session limits, 89 percent of the market was closed.