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New IPOs weigh on Shanghai market in morning trading
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SHANGHAI stocks fell this morning ahead of initial public offerings by three companies tomorrow.
The key Shanghai Composite Index lost 0.51 percent, or 10.28 points, to 2,023.65. Turnover was 31.6 billion yuan (US$5.1 billion) by the noon break.
Wuxi Xuelang Environmental Technology, Shandong Longda Meat Foodstuff and Feitian Technologies will sell shares on Shenzhen Stock Exchange tomorrow, marking the resumption of IPOs after a four-month break. They raised a combined 1.5 billion yuan in subscriptions.
Six companies have drawn a total of 564 billion yuan in subscriptions recently, the China Securities Regulatory Commission said yesterday.
The regulator said earlier that it would allow 100 IPOs in the second half of the year to bring this year’s total number of IPOs to 150.
Metal producers declined the most after surging yesterday. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech fell 1.8 percent to 19.68 yuan. Rising Nonferrous Metals Share slid 2.5 percent to 38.28 yuan.
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