Leo Zhang/Shanghai Daily news

Shanghai stocks yesterday dropped for the first day in three as investors pulled out ahead of an extension of the state-share sale program.
The Shanghai Composite Index, which groups yuan-denominated A shares and foreign-currency B shares, eased 0.40 percent to 1,250.16.
The A-share Index also retreated 0.40 percent to 1,189.62 and the B-share Index withdrew 0.59 percent to 67.54.
"Investors prefer to stay on the sideline when there's uncertainty," said Li Zhi, a Hualin Securities Co analyst. "They are waiting for news to confirm which issues will be involved next."
Li also attributed the loss to profit-taking as Shanghai's key stock index rose 4.5 percent in the previous seven trading days.
China may pick 10 companies to transfer state stockholdings into tradable equity next week, the first batch after financial regulators this month extended the sale project to all listed firms, the Shanghai Securities News reported yesterday.
Under the government plan, major shareholders have to compensate public investors with cash, stock or warrants as dumping a chunk of shares onto the market may dilute prices.
Jiangxi Copper Co, China's biggest producer of the metal, shed 1.13 percent to 5.23 yuan (64 US cents).
China United Telecommunications Corp, which controls the country's No. 2 mobile phone operator, slipped 0.37 percent to 2.67 yuan.