Cost of China’s scramble to halt market skid yet to be tallied

BEIJING — Tonhe Electronics is a casualty of Beijing’s frantic effort to stop a stock market bust.

The maker of electrical equipment, part of a technology industry the ruling Communist Party wants to promote, hoped to raise $32 million from an initial public offering of stock to build a research and development center.

Then share prices collapsed and Beijing canceled stock sales by Tonhe and more than two dozen other companies as part of its desperate effort to stem the slide. Now the company in the central city of Shijiazhuang is in limbo.

“We have no other fundraising plans,” said a Tonhe investor relations representative who would give only her surname, Zhuang.