Shares fall over 3% as IPOs set to lure US$241b
Print Edition
SHANGHAI stocks tumbled more than 3 percent yesterday as new share offers eroded optimism over a possible easing in regulations on bank lending.
The Shanghai Composite Index fell 3.46 percent to 4,527.78 points.
The China Securities Regulatory Commission said late on Wednesday that it approved the initial public offerings of 28 companies, with the market expecting investors to channel around 1.5 trillion yuan (US$241 billion) to the subscriptions.
Investors yesterday sold manufacturing and transport shares.
Lifan Industry (Group) Co lost 8.76 percent to 18.23 yuan, and Jilin Expressway Co tumbled 9.96 percent to 8.77 yuan.
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