China stocks mixed before new listings

Mainland China stock market closed slight lower after fluctuating in and out of the neutral line on Thursday, 18 December 2014, as investors shifted interest to coming listings. The benchmark Shanghai Composite was down 3.50 points, or 0.11%, to finish at 3057.52.

China's benchmark money market rate rose above 4% today, in part indicating investors are hoarding cash for initial public offerings. Seven IPOs began fund raising this week after China's securities regulator unexpectedly approved 12 initial public offerings on Dec. 10, a move which could cool a blistering rally in the country's stock markets. The 12 firms included Spring Airlines, medium-sized Chinese brokerage Guosen Securities as well as a textile maker and environmental technology services provider.

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