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China's stocks slump Wednesday

Xinhua, July 27, 2016 Adjust font size:

Chinese shares declined substantially during the afternoon trading session on Wednesday after media reports about strengthened supervision on initial public offerings (IPOs) by the securities regulator.

The benchmark Shanghai Composite Index slipped by more than 3 percent shortly after a trading break at noon, while Shenzhen Component Index and ChiNext Index fell by over 5 percent.

Shares of companies in ceramic industry, non-ferrous metal and ship building led the declines.

Media reported that the China Securities Regulatory Commission has started to strengthen supervision on IPOs to crack down on deception-based securities issuance. Endi