Economics
China’s Stocks Fall on IPO Concern as Small-Company Shares Rally
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China’s stocks fell on concern the resumption of initial public offerings will divert funds. Small-company equities rallied after the government started allowing insurers to invest in companies in the ChiNext Index.
Chinese energy and material shares led declines, with China Oilfield Services Ltd. sliding 1.5 percent on plans to raise HK$5.88 billion ($758 million) through a private placement and Shandong Gold Mining Co. losing 3.9 percent on slumping bullion prices. Leshi Internet Information & Technology Corp., which has the biggest weighting on the ChiNext, rose 10 percent.