HONG KONG, July 21 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
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)