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China shares skid on fears of IPO resumption

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(Globalpost/GlobalPost)

HONG KONG, March 7 (Reuters) - China shares fell on Thursday, with the bulk of losses coming in the afternoon after comments from the Shanghai Stock Exchange chairman that initial public offerings could resume and pump more supply into the market.

The CSI300 of the leading Shanghai and Shenzhen A-share listings closed down 1.2 percent at 2,619.5 points. The Shanghai Composite Index lost 1 percent after two-straight daily gains.

The official Shanghai Securities News reported on its website that Gui Minjie, chairman of China's larger stock exchange, said that the recent dearth of initial public offerings did not amount to a deliberate halt in the approval process, but was part of an attempt to slow down the supply.

Gui added the country's securities regulator was currently reviewing some applications. He was speaking at a news conference in Beijing on the sidelines of the National People's Congress. (Reporting by Clement Tan; Editing by Kim Coghill)

http://www.globalpost.com/dispatch/news/thomson-reuters/130307/china-shares-skid-fears-ipo-resumption