Fears of funds crux as IPO subscriptions open
Print Edition
SHANGHAI stocks dipped yesterday as six initial public offerings opened for subscriptions, raising fears of a liquidity crunch in the market.
The Shanghai Composite Index shed 0.62 percent to 2,195.82 points.
Two of the six IPOs opened for subscriptions on the Shanghai bourse yesterday, with Hangzhou First Pv Material’s IPO price at 27.18 yuan (US$4.42) and Jiangsu Yabang Dyestuff at 20.49 yuan.
CITIC Securities said yesterday that the China Securities Depository and Clearing Corp had locked up around 800 billion yuan in investors’ accounts.
“As a result of the new round of IPOs, the short-term national debt repo rates skyrocketed in the Shanghai market,” Shenyin & Wanguo Securities said. “China’s economy is still slowing in August, and short-term risks are seen in the stock market.”
China on Wednesday allowed private companies to import crude oil, boosting oil stocks. Shanghai Lonyer Fuels gained 2.08 percent to 13.71 yuan.
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