China’s Stocks Decline Most in Seven Weeks on IPO Concern
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China’s stocks fell, sending the benchmark index to its biggest loss in seven weeks, after the nation’s biggest life insurer reported a drop in profit and concern grew that new share sales will divert funds.
China Life Insurance Co. tumbled the most in seven weeks after first-quarter profit slid 28 percent. China International Marine Containers (Group) Co. plunged 9.5 percent after net income dropped. Huayi Brothers Media Corp. slid to a eight-month low, dragging down the ChiNext index of small-cap shares. Poly Real Estate Group Co. led declines for real-estate companies after the Shanghai Morning Post reported that an unlisted developer had cut some home prices by 28 percent.