Index dips on fears of share glut and IPOs
By Ye Zhen |
March 26, 2013, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks dipped for the first time in five trading days yesterday amid fears of a share glut on expiry of a lock-up period for non-tradable shares and talk that IPOs may resume.
The Shanghai Composite Index shed 0.07 percent to 2,326.72 points, snapping a four-day winning streak.
Some 28.4 billion yuan (US$4.6 billion) worth of non-tradable shares will be available to be traded on the Shanghai and Shenzhen markets this week, a surge of 85.2 percent from last week's 15.3 billion yuan, the Securities Times reported yesterday.
Investors are also worried the China Securities Regulatory Commission may soon resume approval of initial public offerings after it suspended them last December as it cracked down on false disclosures and profit manipulation. The crackdown is scheduled to end this month and there is speculation the CSRC will give the green light to the IPOs as early as next month.
As of March 15, 847 companies were waiting for regulatory approval to list on the domestic exchanges, according to the CSRC.
The Shanghai Composite Index shed 0.07 percent to 2,326.72 points, snapping a four-day winning streak.
Some 28.4 billion yuan (US$4.6 billion) worth of non-tradable shares will be available to be traded on the Shanghai and Shenzhen markets this week, a surge of 85.2 percent from last week's 15.3 billion yuan, the Securities Times reported yesterday.
Investors are also worried the China Securities Regulatory Commission may soon resume approval of initial public offerings after it suspended them last December as it cracked down on false disclosures and profit manipulation. The crackdown is scheduled to end this month and there is speculation the CSRC will give the green light to the IPOs as early as next month.
As of March 15, 847 companies were waiting for regulatory approval to list on the domestic exchanges, according to the CSRC.
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