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Stocks plunge amid OTC dilution fears
By Hu Xiaocen |
March 28, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks plunged today on worries about the over-the-counter board might dilutes market funds.
The Shanghai Composite Index tumbled 2.65 percent, the most in almost four months, sending the index to an eleven-week low of 2,284.88 points. The turnover stood at 78.2 billion yuan (US$12.4 billion).
Vice Premier Wang Qishan said in Beijing yesterday, the OTC market is an important part of a multi-level capital market. The government will step up reform and innovation to promote the OTC market and direct financing to better serve the real economy.
The main purpose of the OTC is to help high quality companies, especially high-tech companies list on China's three existing stock exchange boards. The shares of China's high-tech industrial parks rallied on the news against the index.
Beijing Centergate Technologies soared 7.72 percent to 6.56 yuan. Shanghai Zhangjiang Hi-Tech Park Development Co, added 1.69 percent to 7.82 yuan. Suzhou New District Hi-Tech Industrial Co, jumped 2.96 percent to 5.22 yuan.
Citic Heavy Industries said it plans to issue 685 million A-shares through an initial public offering, which is likely to become the biggest IPO on the Chinese mainland since February, exerting pressure on market liquidity. According to the company's announcement, the proceeds of 4.13 billion yuan will be used for new energy equipment and energy saving equipment projects.
Metal producers retreated on worries that demand for their products will be hampered due to dimmer economic prospects.
Zijin Mining Group Co, China's biggest gold miner, slumped 3.44 percent to 4.21 yuan. Jiangxi Copper, the country's biggest producer of the metal, tumbled 5.51 percent to 24.69 yuan. Aluminum Corporation of China sank 5.82 percent to 6.64 yuan.
The Shanghai Composite Index tumbled 2.65 percent, the most in almost four months, sending the index to an eleven-week low of 2,284.88 points. The turnover stood at 78.2 billion yuan (US$12.4 billion).
Vice Premier Wang Qishan said in Beijing yesterday, the OTC market is an important part of a multi-level capital market. The government will step up reform and innovation to promote the OTC market and direct financing to better serve the real economy.
The main purpose of the OTC is to help high quality companies, especially high-tech companies list on China's three existing stock exchange boards. The shares of China's high-tech industrial parks rallied on the news against the index.
Beijing Centergate Technologies soared 7.72 percent to 6.56 yuan. Shanghai Zhangjiang Hi-Tech Park Development Co, added 1.69 percent to 7.82 yuan. Suzhou New District Hi-Tech Industrial Co, jumped 2.96 percent to 5.22 yuan.
Citic Heavy Industries said it plans to issue 685 million A-shares through an initial public offering, which is likely to become the biggest IPO on the Chinese mainland since February, exerting pressure on market liquidity. According to the company's announcement, the proceeds of 4.13 billion yuan will be used for new energy equipment and energy saving equipment projects.
Metal producers retreated on worries that demand for their products will be hampered due to dimmer economic prospects.
Zijin Mining Group Co, China's biggest gold miner, slumped 3.44 percent to 4.21 yuan. Jiangxi Copper, the country's biggest producer of the metal, tumbled 5.51 percent to 24.69 yuan. Aluminum Corporation of China sank 5.82 percent to 6.64 yuan.
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