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China shares end lower, IPOs raise dilution concerns
August 20, 2014 / 7:10 AM / 3 years ago

China shares end lower, IPOs raise dilution concerns

SHANGHAI, Aug 20 (Reuters) - China’s stock indexes ended lower on Wednesday, on concerns that upcoming new listings will dilute market liquidity even as investors look to take profits from a rise in some large-cap shares.

Analysts also said sentiment was dampened by profit-taking in some index heavyweight shares, as well as a sell-off in media stocks on the ChiNext board after a three-day rally.

The Shanghai Composite Index finished down 0.2 percent at 2,240.21 points, while the CSI300 of leading Shanghai and Shenzhen A-share listings fell 0.4 percent to 2,366.14 points.

Late on Tuesday, the Chinese Securities Regulatory Commission (CSRC) announced that 11 Chinese companies would launch initial public offerings (IPO), with subscriptions starting at the end of August.

Reporting by Chen Yixin and Pete Sweeney; Editing by Jacqueline Wong

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