IPOs spark worries over liquidity
Print Edition
SHANGHAI stocks slipped from an eight-month high yesterday as the initial public offerings of two companies this week reignited concerns over liquidity.
The Shanghai Composite Index shed 0.14 percent, or 3.06 points, to 2,221.59.
Changbai Mountain Tourism Co will start its IPO subscription process today, followed by Kuaijishan Shaoxing Rice Wine Co whose subscription opens tomorrow. The two companies plan to raise 746 million yuan (US$121 million) in total.
Fu Xuejun, analyst with Huarong Securities, said the two firms may lock over 200 billion yuan in subscriptions.
The market was also hit by a bout of profit-taking before the release of key economic data for July including industrial production, fixed-asset investment and retail sales today.
The A-share market has been rising in recent weeks amid an improving economy, but doubts over a sustained recovery linger after July trade and inflation data painted a mixed picture of the economy.
Brokerages fell after surging a day earlier amid enthusiasm over a pilot program allowing cross-market stock investment between the Shanghai and Hong Kong bourses.
CITIC Securities, China’s largest listed brokerage, lost 0.97 percent to 13.23 yuan. China Merchants Securities slipped 0.54 percent to 11.14 yuan.
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