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Shanghai shares retreat 0.41% over new IPOs
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SHANGHAI stocks ended lower today ahead of the initial public offerings by three companies tomorrow while a bout of profit takings dented metal producers.
The key Shanghai Composite Index lost 0.41 percent, or 8.43 points, to 2,025.50. Daily turnover was 56 billion yuan (US$9 billion).
Wuxi Xuelang Environmental Technology, Shandong Longda Meat Foodstuff and Feitian Technologies will sell shares on Shenzhen Stock Exchange tomorrow, ending a four-month drought of IPOs. They already raised a combined 1.5 billion yuan in subscriptions.
“The resumption of IPOs tomorrow will divert funds from the market after companies priced their offerings at low valuations,” said Guangzhou Wanlong Securities Consulting Co.
Price to earnings ratios of the first batch of 10 IPOs averaged 17.76, compared with 29 of the 48 IPOs floated early this year, the China Securities Regulatory Commission said in a Weibo posting late yesterday.
The new listings with lower prices drew robust demand. The first six companies raised a total of 564 billion yuan in subscriptions, according to the CSRC.
Shenyin & Wanguo Securities said the market was also dragged down by downward corrections of shares that gained a lot in previous sessions.
Metal producers declined the most. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech fell 3 percent to 19.43 yuan after rising 4.2 percent yesterday. Rising Nonferrous Metals Share slid 3.6 percent to 37.82 yuan, paring a gain of 7.7 percent yesterday.
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