Shanghai Daily news

Shares in Shanghai rebounded yesterday after a media report said the market regulator will suspend A-share initial public offerings for two months so as not to disturb implementation of a trial plan to sell nontradable state-owned shares in the markets.
The Shanghai Composite Index, which groups both yuan-denominated A shares and hard-currency B shares, added 0.42 percent to 1,135.56. The A-share Index also gained 0.42 percent to 1,191.9, and the B-share Index edged up 0.15 percent to close at 71.57.
The China Securities Regulatory Commission will not make review IPO applications for two months, China Securities Journal quoted an unnamed source as saying.
"The suspension of vetting new share floats is expected to ease part of the pressure weighing on the markets in the short term," said Dai Ming, an analyst with Fortune Securities Brokerage Co Ltd.
The share reform proposal evoked worries about a flood of previously nontradable shares into the markets.
On Monday, the regulator named four listed companies as the pioneers to test the pilot share conversion program. The Shanghai benchmark then plunged to a six-year low.
In addition, bargain hunters took advantage of the recent downturn in the markets to net some short-term profits.
China Petroleum and Chemical Corp gained 2.45 percent to 4.18 yuan (50.3 US cents).