Related News
Shanghai index drops on liquidity concerns
By Ye Zhen |
March 7, 2013, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks retreated today on concern China's securities regulator may soon restart approving new share offerings, although the regulator relaxed rules to encourage more foreign investment in the country's capital market.
The key Shanghai Composite Index lost 0.98 percent to settle at 2,324.29 points. More than 126 billion yuan (US$20.3 billion) worth of shares were traded today.
The China Securities Regulatory Commission will restart approvals of initial public offerings after it finishes examining companies' financial reports, which is scheduled to be done before the end of June, CSRC vice chairman Yao Gang said today.
The CSRC suspended IPO approvals in December and ordered companies that have applied to launch IPOs on domestic bourses to check their financial documents in an effort to crack down on false disclosures and profit manipulation.
As of March 1, 866 companies were waiting for the green light to launch IPOs, CSRC data showed.
The regulator yesterday announced the expansion of the Renminbi Qualified Foreign Institutional Investors program (RQFII) to allow more overseas investors to enter China's capital market with offshore yuan.
The CSRC will lower the RQFII threshold so the Hong Kong subsidiaries of Chinese banks and insurers can take part in the program. Currently, only Hong Kong subsidiaries of domestic securities firms and fund managers are eligible.
The regulator will also scrap the cap that limits investors to putting at least 80 percent of their assets in the bond market and less than 20 percent in the stock market. The move will encourage more capital to flow to the stock market, analysts said.
Lenders fell today among financial stocks after the People's Bank of China withdraw 5 billion yuan from the country's money market through 28-day repurchase agreements.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 1 percent to 4.13 yuan. Shanghai Pudong Development Bank Co lost 3.2 percent to 10.76 yuan. China Merchants Bank decreased 2.5 percent to close at 13.11 yuan.
The key Shanghai Composite Index lost 0.98 percent to settle at 2,324.29 points. More than 126 billion yuan (US$20.3 billion) worth of shares were traded today.
The China Securities Regulatory Commission will restart approvals of initial public offerings after it finishes examining companies' financial reports, which is scheduled to be done before the end of June, CSRC vice chairman Yao Gang said today.
The CSRC suspended IPO approvals in December and ordered companies that have applied to launch IPOs on domestic bourses to check their financial documents in an effort to crack down on false disclosures and profit manipulation.
As of March 1, 866 companies were waiting for the green light to launch IPOs, CSRC data showed.
The regulator yesterday announced the expansion of the Renminbi Qualified Foreign Institutional Investors program (RQFII) to allow more overseas investors to enter China's capital market with offshore yuan.
The CSRC will lower the RQFII threshold so the Hong Kong subsidiaries of Chinese banks and insurers can take part in the program. Currently, only Hong Kong subsidiaries of domestic securities firms and fund managers are eligible.
The regulator will also scrap the cap that limits investors to putting at least 80 percent of their assets in the bond market and less than 20 percent in the stock market. The move will encourage more capital to flow to the stock market, analysts said.
Lenders fell today among financial stocks after the People's Bank of China withdraw 5 billion yuan from the country's money market through 28-day repurchase agreements.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 1 percent to 4.13 yuan. Shanghai Pudong Development Bank Co lost 3.2 percent to 10.76 yuan. China Merchants Bank decreased 2.5 percent to close at 13.11 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
