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Pending IPOs take the wind out of shares
Print Edition
SHANGHAI shares fell yesterday because investor sentiment was clouded by the looming initial public offerings of 10 companies.
The Shanghai Composite Index dropped 0.56 percent to close at 3,610 points.
The 10 companies will start their IPO subscriptions between next Monday and December 2, with an equal number headed for the Shanghai Stock Exchange and the Shenzhen bourse.
This first batch of listings after China’s securities regulator lifted a four-month ban on IPOs is expected to lock up around 1 trillion yuan (US$156 billion) in funds as investors channel capital to the new listings, analysts said.
The market also fell as tighter margin financing rules took effect yesterday. Under the new rules, investors are required to put down 100 percent worth of assets as collateral for margin loans, up from 50 percent.
China United Network Communication Ltd fell 2.1 percent to 6.68 yuan, and Datang Telecom Technology Co shed 3.6 percent to 24.71 yuan.
Metal shares also declined. China Northern Rare Earth (Group) High-Tech Co lost 2.8 percent to 15.14 yuan while Xiamen Tungsten Co plunged 3.8 percent to 20.19 yuan.
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