China’s stock-index futures fell after the country’s
securities regulator issued a reform plan for initial public offerings that
prepares to lift a more than one-year freeze on new listings, overshadowing
data showing manufacturing growth beating analyst estimates in November.
Futures on the CSI 300 Index (SHSZ300) expiring in December
slid 0.7 percent to 2,436 as of 9:16 a.m. Zijin Mining Co. may drop after its
Hong Kong-listed stock was cut to reduce from hold at BNP Paribas SA. PetroChina
Co. may retreat after it was sued by a Chinese environmental group for
pollution in northeast China.
The Shanghai Composite Index added 0.1 percent to 2,220.50
at the close on Nov. 29. The index climbed 3.7 percent in November after
President Xi Jinping pledged to ease restrictions on private investment and the
one-child policy. The Hang Seng China Enterprises Index rallied 7.7 percent in
Hong Kong last month, the most since December.
About 50 companies are expected to complete the IPO approval
preparations and list or be ready to do so by the end of January, the China
Securities Regulatory Commission said in a statement on its website on Nov. 30.
There are more than 760 companies in the queue for approval and it will take
about a year to complete an audit of all the applications, it said.
(Source: Bloomberg)
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