Shares fall as investors get ready for IPOs
Print Edition
SHANGHAI stocks fell yesterday as investors took profits to prepare for new share offers.
The Shanghai Composite Index lost 0.78 percent to 4,441.65 points, paring gains in April to 19 percent. The stock market is closed today for the May Day holiday.
Subscriptions for initial public offerings of 24 companies will open from Tuesday after the China Securities Regulatory Commission said it would approve two rounds of IPO applications each month.
Profit-taking was seen in shares of nonferrous companies after beneficial tax policy lifted the sector on Wednesday. Aluminum Corp of China lost 5 percent to 9.50 yuan (US$1.53), Western Mining Co dropped 4.61 percent to 12.01 yuan, and Xiamen Tungsten Co shed 3.32 percent to 39.91 yuan.
Shares of China’s top state-owned trainmakers China CNR Corp and CSR Corp fell after Reuters reported they were considering buying a controlling stake in Canadian company Bombardier Inc’s train business. China CNR Corp dropped 4.5 percent to 32.56 yuan and CSR Corp lost 4 percent to 31.70 yuan.
But any deal to buy Bombardier’s rail business would not occur until CNR and CSR complete their planned merger, said a person close to the matter.
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