Off the wire
• Margin trade service to more than quadruple capital  • Japan's Abe apologizes for LDP lawmakers' anti-media remarks  • Weather forecast for major Chinese cities, regions -- July 3  • Weather forecast for world cities -- July 3  • Spotlight: Chinese premier's Europe visit sets new stage for bilateral cooperation  • Roundup: Singapore stocks end up 0.45 pct  • China approves insurance investment fund  • 8 killed in road mishap in northern India  • Humanitarian situation in Somalia still fragile despite progress: UN  • Wanda Group leads biggest-ever investment in China's online tourism firm  
You are here: 　 Home

China cuts new share offerings amid stock plunge

Xinhua, July 3, 2015 Adjust font size:

The number of new shares hitting the stock market in early July will be reduced to 10, the China Securities Regulatory Commission (CSRC) said on Friday, following a 5.8-percent daily fall in the stock market.

China's stock market has been in the doghouse for three weeks, losing around 29 percent since a peak of 5,178.19 points on June 12. A steady drumroll of government easing policies including interest rates cuts and a reduction of securities transaction fees has failed to reverse the losing trend.

The CSRC decided in April to approve two batches of IPO applications instead of one. Forty-five new shares were listed in May and 47 in June, causing concerns of a shares glut.

Guotai Junan Securities Co., which was listed in June, became the biggest IPO in five years. More than three trillion yuan (490 billion U.S. dollars) from investors was frozen during its the IPO subscription.

The CSRC also said that it would guide more long-term funds to invest in the stock market. An official draft guideline on Monday gave pension funds the nod to invest in the stock market. Endi