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1st LD-Writethru: Chinese shares rebound Tuesday but IPO concerns remain

Xinhua, January 17, 2017 Adjust font size:

Chinese stocks rebounded on Tuesday after the previous day's loss but concerns over increased initial public offering (IPO) approvals continued to weigh on the market.

The benchmark Shanghai Composite Index rose 0.17 percent to 3,108.77 points, following a 0.3 percent drop on Monday.

The smaller Shenzhen index closed 1.17 percent higher at 9,826.79 points.

Turnover on the two exchanges shrank to 355.6 billion yuan (51.6 billion U.S. dollars) from Monday's 522 billion yuan, signaling dampened sentiment as investors feared more equity supply due to an increase in approvals for IPOs.

Chinese regulators on Friday approved 10 IPO applications.

Five companies saw their shares tumble by the daily limit of 10 percent, while stocks of nearly 30 firms fell by over 5 percent on Tuesday.

The ChiNext Index, China's NASDAQ-style board of growth enterprises, gained 2.02 percent to close at 1,867.87 points, led by a surge by Leshi Internet Information and Technology Corp. shares.

The stock price of Leshi rose by the daily limit of 10 percent to 38.94 yuan after the company announced a 15 billion-yuan cash infusion from Sunac China Holdings Ltd.

Airplane producers posted strong performances, with Avicopter Plc. climbing 5.57 percent to 52.11 yuan.

Most financial firms retreated. The Industrial and Commercial Bank of China, the country's largest lender, lost 0.44 percent to close at 4.53 yuan. Endi