As many as 350 firms across the world have suspended nearly HK$2 trillion worth of financing plans amid sluggish market sentiment.

The news came as China's securities regulator stressed the need to maintain market stability.

The number of firms that have delayed or canceled financing plans soared to at least 358 as the global economy continues to battle inflation and energy shortages.

The deals, including initial public offerings, bonds, loans and acquisitions, amount to more than US$254 billion (HK$1.98 trillion). The Americas saw the highest number of transactions being postponed or shelved at 184, which was more than double the tally for other regions.

Meanwhile, China's securities regulator chief said they will make stable capital market operations a top priority amid deepening worries about the economic outlook and fluctuations in stocks.

"It is a rule that the stock market has ups and downs, and the government should not intervene in normal fluctuations," wrote chairman of China Securities Regulatory Commission Yi Huiman in Qiushi, an official journal of the Chinese Communist Party, yesterday.

"However, non-intervention is not laissez-faire - we must always adhere to the bottom-line mentality and resolutely prevent 'market failure' from causing abnormal fluctuations," said Yi.

In other news, Alibaba (9988) yesterday said it would work to maintain its New York Stock Exchange listing alongside its Hong Kong listing after the Chinese e-commerce giant was placed on a delisting watchlist by US authorities.

Alibaba stock closed down nearly 3.8 percent in a near-flat Hong Kong market, following its 11.1 percent decline in New York on Friday.

Yi Huiman said non-intervention is not laissez-faire. REUTERS

Mainland developers’ home sales slumped further in July. Reuters

Financing worth $2tn put on ice