Shares fall as investors to buy new offerings
Print Edition
SHANGHAI stocks fell yesterday due to profit-taking as investors prepared to subscribe for new share offers starting today.
The Shanghai Composite Index shed 0.58 percent to 4,283.49 points.
Investors moved funds from existing shares to subscribe for the 12 initial public offerings today. The new subscriptions are set to draw 3 trillion yuan (US$483 billion) in funds.
Merchants Securities lost 6.61 percent to 32.37 yuan, Founder Securities dropped 3.96 percent to 13.83 yuan, and Sinolink Securities fell 3.92 percent to 26.70 yuan.
China North Railway and China South Railway will officially swap shares tomorrow under their long-awaited merger plan.
CNR shares will be delisted from both the A-share market and the Hong Kong stock exchange tomorrow, according to statements the two companies filed with the Shanghai Stock Exchange.
One CNR share will be swapped for 1.1 shares of CSR Corp.
After the swap, a new company called CRRC Corp will be formed and inherit all assets, liabilities, business, staff, contracts, certificates and other rights and obligations of the two companies. The shares will be relisted in Shanghai.
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