Anxiety over IPOs spooks investors
Print Edition
SHANGHAI stocks fell yesterday, weighed by growing anxiety over the upcoming initial public offerings and news that state-owned Central Huijin Investment Ltd has been cashing in on market gains.
The Shanghai Composite Index shed 1.59 percent to end at 4,308.69 points. The index gained 2.44 percent for the week, the first rise in three weeks, after the central bank cut interest rates last weekend to bolster economy.
Shenwan Hongyuan Securities said yesterday the market was consolidating ahead of the IPOs.
Haitong Securities said the 20 IPOs that would open for subscriptions next week will lock up around 3 trillion yuan (US$483.54 billion) in funds.
The China Securities Regulatory Commission on Wednesday also approved the 16.3-billion-yuan IPO of China National Nuclear Power Corp, the largest offering in five years.
Investors were also spooked after China Fund News said the Central Huijin Investment, the domestic investment arm of China’s sovereign wealth fund, has cashed 20 billion yuan worth of gains on April 17 and 22.
Shanghai Pudong Development Bank Co Ltd fell 1.24 percent to 16.78 yuan. CITIC Securities, China’s largest brokerage, dropped 3.4 percent to 31.98 yuan.
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