Shares suffer biggest drop in 6 weeks
Print Edition
SHANGHAI stocks yesterday fell the most in six weeks as investors were caught by surprise after China’s securities regulator unveiled a list of 28 companies that have disclosed their IPO plans, signaling a possible restart.
The Shanghai Composite Index dropped 1.5 percent, the biggest decline since March 10, to 2,065.83.
The resumption of initial public offerings weighed on the market because investors feared the new shares will drain liquidity from the market, Qi Li, an analyst with Western Securities, said in a note yesterday.
The China Securities Regulatory Commission said on its website over the weekend that 28 companies had disclosed their IPO plans, including 16 to be listed in Shanghai. They plan to raise an aggregate 12.7 billion yuan (US$2.1 billion).
The disclosure hinted that IPOs may resume after a two-month break. The notice jolted the investors because the CSRC last week said a review of IPO applications may be delayed due to financial statement updating requirements.
Since China lifted the 14-month IPO ban in January, 48 companies have been listed and another 606 are waiting for the regulatory nod to do so.
Great Wall Motor Co fell 4.6 percent to 32.82 yuan after the automaker cut its 2014 sales target by 30 percent. SAIC Motor Corp shed 2.4 percent to 14.09 yuan. Sinomach Automobile Co slumped 6.4 percent to close at 16.70 yuan.
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