Leo Zhang/Shanghai Daily news

Worries about a stock glut weighed on Shanghai shares slightly yesterday after a news report said China may resume initial public offerings on domestic bourses earlier than expected.
The Shanghai Composite Index, which tracks yuan-denominated A shares and foreign-currency B shares, was down 0.09 to 1,045.40.
The A-share Index eased 0.09 percent to 1,099.45 and the B-share Index lost  0.07 percent at 54.97.
"As there's uncertainty clouding the share-structure reform, resumption of new stock offers is not something desirable," said Lu Chengde, a Guosen Securities Co trader. "But the market may bounce up as the yuan's appreciation still serves as a big incentive."
It's unlikely the government will re-start new share sales until all listed companies complete converting non-tradable shares into free-floating entities, the Shanghai Securities News reported yesterday, citing Li Qingyuan, head of the research unit of China's securities regulator.
Instead, the watchdog may lift the ban once companies accounting for nearly 70 percent of the mainland market capitalization have finished their share-transfer projects, the paper quoted Li as saying. This will involve between 200 and 300 companies.
CITIC Securities Co  withdrew 0.66 percent to 6.05 yuan (75 US cents).
Jiangxi Copper Co, China's biggest producer of the metal, edged 0.23 percent down to 4.34 yuan.