Shares fall as investors eye IPOs
Print Edition
SHANGHAI stocks fell sharply yesterday as investors moved substantial capital from current equities to prepare for new share offers.
The Shanghai Composite Index plunged 3.47 percent to 4,887.43 points, the biggest drop in almost three weeks.
The China Securities Regulatory Commission last week approved initial public offerings of 24 companies plus a firm which did not manage to list in the last round. The 25 IPOs will open for subscriptions from today.
The new IPO subscriptions are set to lock up 6 trillion yuan (US$966 billion) of funds.
Market sentiment was also clouded by swirling rumors that the launch of the Hong Kong-Shenzhen stock market link might be delayed to 2016 due to certain technical issues.
Meanwhile, concerns continued to brew over the government’s draft rules to leverage margin lending that would hurt brokerages.
CRRC Corp, created by the merger of China’s top trainmakers CSR and CNR, saw its losing streak continue. By yesterday, its shares had plunged 33 percent after falling for six consecutive days. CRRC shares yesterday tumbled by the daily 10 percent limit to close at 21.58 yuan.
Avic Aviation Engine Corp fell by the daily 10 percent limit to 63.35 yuan while Sichuan Chengfa Aero Science & Technology Co shed 9.99 percent to 69.99 yuan, and Jiangxi Hongdu Aviation Industry Co lost 9.46 percent to 41.64 yuan.
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