China Watchdog Takes It Slow on IPO Reform, Vows Stock Help

The new head of China’s securities regulator used his first briefing to appeal to beleaguered stock investors, signaling he’ll keep propping up the nation’s battered market and that initial share sales will remain a virtually guaranteed winning bet.

Liu Shiyu, chairman of the China Securities Regulatory Commission, vowed to step in “decisively” if needed to curb panic and defended intervention following last summer’s $5 trillion selloff. It was far too early to think about the state rescue fund leaving the market, Liu said, in a colorful session where he likened last year’s rout to an oil tanker traveling down a steep road with a malfunctioning engine.