Restart of IPOs clouds investor morale
Print Edition
SHANGHAI’S stock index yesterday posted the biggest weekly drop in three months as investors continued to worry about a restart in initial public offerings, while heavyweight oil stocks fell on poor earnings.
The Shanghai Composite Index lost 1 percent. The index shed 2.9 percent for the week, the steepest weekly loss since January.
“The resumption of IPOs is considered the top risk and is depressing investor sentiment,” said Ai Yi, analyst at Cinda Securities.
The China Securities Regulatory Commission released IPO prospectuses of 22 firms late on Thursday, bringing the total number of IPO hopefuls to 97.
Zhang Xiaojun, a CSRC spokesman, said after the market closed that most companies in the IPO pipeline will disclose their prospectuses and update financial documents before the end of June. About 600 companies are waiting for regulatory approval to list domestically.
PetroChina Co shed 0.7 percent to 7.54 yuan (US$1.21) after first-quarter profit fell 5 percent. China Petroleum and Chemical Corp shed 2.3 percent to 5.07 yuan.
Guanghui Energy Co, which operates in the natural gas and coal sectors, rose 4.6 percent to 7.99 yuan after it became the first mainland firm planning to sell 50 million preferred shares and raise no more than 5 billion yuan via a private placement.
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