China stocks drop after top sec regulator warns against “barbaric” buyouts

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Shanghai, December 5
China stocks slumped on Monday morning, with the blue-chip index set for its biggest fall in six months after China’s top securities regulator warned against “barbaric” share acquisitions, though small-caps were firm as the Shenzhen-Hong Kong investment link went live.
The CSI300 index fell 1.8 percent, to 3,466.71 points at the end of the morning session, while the Shanghai Composite Index lost 1.3 percent, to 3,201.74 points.
Mainland blue-chips including Gree Electric and China Vanke Co Ltd, which had previously soared on share purchases by insurers, tumbled after Liu Shiyu, Chairman of the China Securities Regulatory Commission (CSRC) on Saturday condemned “barbaric” leveraged buy-outs by certain
asset managers.

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