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Shanghai shares decline on news of IPO reboot
By Ye Zhen |
June 19, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks retreated this morning after the Chinese securities regulator said initial public offerings may resume at the end of July after they are suspended for nearly eight months.
The key Shanghai Composite Index lost 28.65 points, or 1.33 percent, to 2,130.65. Turnover was 39.2 billion yuan (US$6.4 billion) by midday.
The China Securities Regulatory Commission told brokerages yesterday that it is almost certain that the IPO reboot will occur at the end of next month, according to a report in The Securities Times.
The CSRC said it will first approve the IPOs of companies that have met all the requirements, such as providing valid financial documents and proving no connection with sponsors who have been punished or are being probed for irregularities, the report said.
Shanxi Securities said 83 IPO applicants that meet the requirements could absorb 60 billion yuan from the market.
Cement producers led the market down. Anhui Conch Cement Co, China's biggest cement producer, lost 1.7 percent to 13.79 yuan. Fujian Cement Inc dropped 4.1 percent to 7.76 yuan. Gansu Qilianshan Cement Group Co decreased 3.6 percent to 9.32 yuan.
Most property developers declined. Poly Real Estate, China's second-largest homebuilder, fell 2.2 percent to 10.88 yuan. Gemdale Corporation shed 0.9 percent to 6.67 yuan.
The key Shanghai Composite Index lost 28.65 points, or 1.33 percent, to 2,130.65. Turnover was 39.2 billion yuan (US$6.4 billion) by midday.
The China Securities Regulatory Commission told brokerages yesterday that it is almost certain that the IPO reboot will occur at the end of next month, according to a report in The Securities Times.
The CSRC said it will first approve the IPOs of companies that have met all the requirements, such as providing valid financial documents and proving no connection with sponsors who have been punished or are being probed for irregularities, the report said.
Shanxi Securities said 83 IPO applicants that meet the requirements could absorb 60 billion yuan from the market.
Cement producers led the market down. Anhui Conch Cement Co, China's biggest cement producer, lost 1.7 percent to 13.79 yuan. Fujian Cement Inc dropped 4.1 percent to 7.76 yuan. Gansu Qilianshan Cement Group Co decreased 3.6 percent to 9.32 yuan.
Most property developers declined. Poly Real Estate, China's second-largest homebuilder, fell 2.2 percent to 10.88 yuan. Gemdale Corporation shed 0.9 percent to 6.67 yuan.
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