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China shares fall on new IPOs, bank corruption allegation
February 2, 2015 / 7:17 AM / 3 years ago

China shares fall on new IPOs, bank corruption allegation

SHANGHAI, Feb 2 (Reuters) - China stocks fell on Monday after regulators approved a flurry of IPOs and as official data showed China’s factory activity unexpectedly shrank in January.

Shares of the country’s biggest private lender, China Minsheng Banking Corp fell 3.1 percent, weighing on the market after local media reported its president was being investigated by the anti-corrpution watchdog.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 80.4299 points, or 2.3 percent, to 3,353.96, while the Shanghai Composite Index which tracks all the tickers trading on the Shanghai Stock Exchange lost 81.3652 points, or 2.6 percent, to 3,128.30.

Railway shares were hit hard by Mexico’s decision to shelve a $3.75 billion high-speed rail project which a Chinese consortium led by China Railway Construction Corp (CRCC) was poised to clinch.

CSR Corporation was down 9.9 percent, China Railway Construction Corp lost 9.8 percent and China CNR fell 10 percent.

The largest percentage gainer on the Shanghai exchange on Monday was Shanghai Haibo, which rose 10.1 percent.

Among the most active stocks in Shanghai were Bank Of China , down 5.91 percent to 4.14 yuan; Baotou Steel , up 6.60 percent to 5.33 yuan and Minsheng Bank , down 3.06 percent to 9.18 yuan.

In Shenzhen, Shenwan Hongyuan, down 7.4 percent to 15.61 yuan, Suning Commerce Group, down 3.5 percent to 10.33 yuan and Hubei Biocause, up 1.0 percent to 8.34 yuan, were among the most actively traded.

Reporting by Sue-Lin Wong; Editing by Jacqueline Wong

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