I was under the impression that the Chinese stock market has a circuit breaker that applies in both directions. Not an expert but random googling does seem to match with this:

"when it goes up or down by 7%, it usually means that sharp volatility has taken place in the market, which is likely to face the extreme systemic risks. Therefore, the market needs more time to calm down so as to prevent the spreading panic from intensifying the market fluctuations."

http://english.sse.com.cn/aboutsse/news/c/c_20151207_4019977...

"Meanwhile, a 7 percent rise or fall in the CSI300 Index will prompt a trading halt in the Shanghai and Shenzhen stock exchanges for the rest of the day"

http://www.cnbc.com/2015/09/07/chinas-latest-step-to-curb-sh...