Pay close attention to the 500+ stocks in China that are still frozen. Earlier it was reported virtually all these firms borrowed money with pledged stock near the peak of the market in May and June. If these reports are true, it is likely that given the length of time these stocks have remained frozen, that these firms would be in technical bankruptcy. That would be a major blow and cause all kinds of panic so clearly something will be worked out to soften the blow here. These 500 firms might be the epicenter.
That is from Christopher Balding, the piece makes other points of interest as well.