Profit-taking to prepare for IPOs hits shares
Print Edition
SHANGHAI stocks fell yesterday as investors took profits in existing equities to prepare for several initial public offerings.
The Shanghai Composite Index shed 0.58 percent to 4,375.76 points.
Subscriptions will open for 20 IPOs from next Tuesday to Thursday, the second wave this month after the China Securities Regulatory Commission decided to approve two rounds of IPOs each month.
Minsheng Securities said the subscriptions for the new batch of IPOs are likely to draw 3 trillion yuan (US$484 billion).
Founder Securities Co lost 3.18 percent to 14.61 yuan and Southwest Securities Co dropped 3.12 percent to 24.22 yuan.
The clean energy sector also saw profit taking, with Sdic Power Holdings Co falling 4.63 percent to 11.75 yuan and Huaneng Power International Inc off 4.46 percent to 11.13 yuan.
But the profit-taking was minimized as official data yesterday showed China’s industrial output grew 5.9 percent annually in April, up from a 5.6-percent rise in March, the lowest monthly level since December 2008.
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