China shares meander ahead of new deluge of IPOs
HONG KONG, July 21
HONG KONG, July 21 (Reuters) - China shares made a tepid start to a week that will feature the opening of subscriptions for a new batch of initial public offerings (IPOs), sparking fears that sizable funds will be drawn away from existing stocks.
Eleven of the 12 IPOs which were approved last week will start taking subscriptions on Wednesday and Thursday. The new offerings are lock up as much as one trillion yuan ($161.13 billion) in funds.
The Shanghai Composite Index ended down 0.2 percent at 2,054.48 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings inched up 0.1 percent.
China Eastern Airlines shed 1.3 percent after it warned late on Friday of a sharp profit decline in January-June from a year earlier.
Top index boost Inner Mongolia Yili Industrial Group gained 4.6 percent to its highest since May 26. But its shares are still down 10.4 percent for the year, compared to CSI300's 7 percent fall.
Poly Real Estate added 2.7 percent to reach its highest close in more than seven months, on expectations housing policies will be further loosened. ($1 = 6.2060 Chinese Yuan) (Reporting by Grace Li; Editing by Richard Borsuk)
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