Next batch of IPOs ignites fears of funds crux
Print Edition
SHANGHAI stocks fell yesterday as investors were spooked by the possibility of funds being diverted to the next batch of initial public offerings.
The Shanghai Composite Index dropped 0.99 percent to 2,207.11 points.
“Ten companies will launch initial public offerings on Thursday and Friday, which would possibly freeze funds worth up to 1.3 trillion yuan (US$211 billion), a huge increase compared with the 670 billion yuan in the previous round of IPO,” said Shenyin & Wanguo Securities.
Sinopec Shanghai Petrochemical lost 2.28 percent to 3.43 yuan, Chongqing Iron & Steel dropped 5.17 percent to 2.75 yuan while Shandong Hongda Mining tumbled 4.67 percent to close at 8.16 yuan.
Sapphire technology shares gained from earlier media reports that the expected iPhone 6 may adopt a sapphire screen.
TDG Holding rose 2.15 percent to 12.37 yuan, while Anhui Tongfeng Electronics gained 0.29 percent to 6.80 yuan.
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