Leo Zhang/Shanghai Daily news

Shanghai shares yesterday dipped for the first time in three days after China's top securities regulator said a government program to dump state holdings would spread to all listed enterprises soon.
"The talks on increasing the pace of share transfers gave pessimists a reason to reduce positions over concern of a stock glut," said Zhang Li, a Huatai Securities Co analyst. "Investors were also a bit disappointed no further market-boosting measures were pushed forward during the press conference."
The Shanghai Composite Index, which groups yuan-denominated A shares and foreign-currency B shares, fell 1.43 percent to 1,108.59.
The A-share Index dropped 1.42 percent to 1,164.28 while the B-share Index eased 1.82 percent to 66.39.
Huaneng Power International Inc, the listed unit of China's largest power group, lost 2.25 percent to 6.51 yuan.
Shang Fulin, chairman of the China Securities Regulatory Commission, said that pilot sales of state-owned shares wouldn't last long and the agency plans to finish solving the split share structure on the country's capital markets in a short period of time.
China picked four firms for pioneering sales of state-owned non-tradable shares on May 9. The project was brought to the second stage on June 20 when 42 firms including Baoshan Iron & Steel Co and China Yangtze Power Co were approved to join.