China shares down 0.23% in morning trade

Chinese stocks were down 0.23 percent in morning trade on Tuesday, the last trading day of the year, on worries over a share glut as China moves to resume initial public offerings, dealers said.

The benchmark Shanghai Composite Index slipped 4.73 points to 2,092.80.

China's stock regulator has granted approvals to five companies for IPOs after a more-than-one-year suspension, state media reported.