Mainland China continues to experience turbulence in its stock market as shares maintain a free-fall, losing 28 percent of its value over the last three weeks.
The Shanghai Composite closed down 5.8% to 3,686.92, losing 12% for the week.
Mainland shares have seen several days of erratic trade during the week, despite further moves by the Chinese securities regulator to calm the market.
The regulator has declared that it would investigate whether parties were mis-selling financial products.
It also promised that bad behavior will be punished by turning over cases to the police.
The benchmark Shanghai Composite has slumped about 25% since mid-June, its worst collapse in years.
In Hong Kong, the Hang Seng index closed 0.8% lower at 26,064.11 points.
China has also reportedly decided to bar new initial public offerings of stock as well as create a fund to stabilize its stock market.
Twenty-one Chinese securities companies, in a joint statement released Saturday, said they would pledge no less than 120 billion yuan ($19.33 billion) to invest in Chinese stocks and funds.
The securities companies also said they would continue to invest in the market as long the Shanghai Composite index remains below 4,500.
In the first half of the year, the Shanghai stock market led the world in initial public offerings: 78 companies issued shares in Shanghai, raising $16.6 billion, according to a study by the accounting firm EY. Hong Kong was No. 2 with 31 deals that raised $16 billion. Shenzhen was No. 5 with 112 deals that raised $7 billion.
Yvad Billings, Readers Bureau, Fellow
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