China Won’t Resume New Share Sales Soon: Securities Journal

By Zhang Shidong

Nov. 29 (Bloomberg) -- China won’t resume new share sales soon after two months of suspensions, the China Securities Journal reported, citing the China Securities Regulatory Commission.

China Communications Construction Co., the world’s biggest builder of ports, hasn’t been granted paperwork for near-term domestic stock sales, said the newspaper that’s affiliated with the official Xinhua News Agency. The regulator is controlling the pace of share sales based on the market demand, according to the report.

Agricultural Bank of China, the nation’s third-largest, hasn’t applied to go public as it’s still in the process of being converted into a shareholding entity, it said.

China’s benchmark CSI 300 Index has dropped 66 percent this year on concern corporate-earnings growth will slow due to shrinking demand for Chinese products.

To contact the reporter on this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net