HONG KONG Aug 25 China shares finished lower on
Monday as investors set aside money for coming initial public
offerings (IPOs), though the oil and aviation sectors
Ten out of the 11 IPOs which were approved by Chinese
authorities last week will start taking subscriptions on
Thursday and Friday. That is expected to lock up 900 billion
yuan ($146.32 billion) in funds, according to the Southern
Metropolis Daily in Guangzhou.
The Shanghai Composite Index ended down 0.5 percent
at 2,229.27 points. The CSI300 of the leading Shanghai
and Shenzhen A-share listings shed 1.0 percent.
Top index boost in Shanghai was Sinopec Corp,
which added 2.5 percent. The largest oil refiner in Asia late on
Friday posted a 36 percent rise in second-quarter profit that
Rival PetroChina rose 0.4 percent.
Chinese airlines surged in the afternoon. China Eastern
Airlines soared 9.9 percent, Air China
climbed 3.1 percent and China Southern Airlines
gained 3.6 percent.
Domestic media said earlier on Monday that China has set up
a 20 billion yuan ($3.25 billion) investment fund to help
bolster its fast-growing civil aviation industry.
(1 US dollar = 6.1508 Chinese yuan)
(Reporting by Grace Li; Editing by Richard Borsuk)