Chinese shares open low

Beijing, Dec 14 (IANS) Chinese shares opened lower on Monday morning as nine companies offered new shares, freezing trillions of funds.

Online subscription for the nine companies including Shenyang Toly Bread Co. Ltd, Shenzhen Click Technology, and Shenzhen Qixin Construction Group will begin on Monday, locking up as much as 3 trillion yuan ($465 billion), Xinhua reported.

Under current IPO rules, prospective investors still need to make full payment in advance.

Shares related to Fosun resumed trading on Monday after the company said its chairman Guo Guangchang has returned to Shanghai after assisting a legal investigation.

Fosun’s chief executive Liang Xinjun said that the group is operating normally.

Shanghai Fosun Pharmaceutical (Group) on the Shanghai Stock Exchange opened down 6.74 percent, while Nanjing Iron & Steel Co., Shanghai Ganglian tumbled more than five percent at opening.

Fosun is China’s biggest private conglomerates. It has interests in pharmaceuticals, real estate, private equity, steel and mining.

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