The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 78.98 points, or 3.3 percent, to 2,333.41, the biggest decline since Aug. 8. The CSI 300 Index declined 3.3 percent to 2,521.52.
Aerosun Corp. (600501) (600501 CH), a manufacturer of aviation- related products, advanced 2.9 percent to 10.19 yuan after the Shanghai Securities News reported the government may grant subsidies to the industry. The plan for the aviation industry is expected to be released by the end of the year, the newspaper said.
Jiangsu Phoenix Publishing & Media Corp. (601928 CH) advanced 35 percent from its offer price to 11.86 yuan on the first day of trading in Shanghai today.
Ping An Insurance (Group) Co. (601318) (601318 CH), China’s second- biggest insurer, slid 3.9 percent to 35.26 yuan, its biggest loss since Nov. 16. The Shanghai Securities News reported today that a regulatory investigation into an initial public offering showed the due diligence by Ping An’s brokerage unit was “incomplete and not comprehensive.” Ping An spokesman Sheng Ruisheng confirmed the regulator had issued a warning letter to its brokerage unit.
--Zhang Shidong. Editor: Richard Frost
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