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China shares extend slide into 4th day, IPO jitters deepen losses

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(Globalpost/GlobalPost)

HONG KONG, March 12 (Reuters) - China shares slumped to a fourth-straight loss on Tuesday, led by mid-sized banks after official media reported that the country's banking regulator has launched a nationwide probe of wealth management products.

For investors, jitters were increased by a report in the official China Securities Journal that more than 300 companies remain eligible to list on the Growth Enterprise Market (GEM) even after stringent checks designed to curb fears of an oversupply of new shares.

The CSI300 of the leading Shanghai and Shenzhen A-share listings closed down 1.4 percent at 2,555.6. The Shanghai Composite Index shed 1.0 percent. For both, this was their fourth straight daily loss.

The state-owned newspaper also reported that the China Banking Regulatory Commission is focusing a probe on wealth management products that channel depositors' money into a pool of assets, rather than a single account. (Reporting by Clement Tan; Editing by Richard Borsuk)

http://www.globalpost.com/dispatch/news/thomson-reuters/130312/china-shares-extend-slide-4th-day-ipo-jitters-deepen-losses