Dai Qian/Shanghai Daily news

Shares on China's two stock markets headed south yesterday as investors siphoned funds out to buy newly-launched warrants.
The Shanghai Composite Index, which tracks both yuan-dominated A shares and hard-currency B shares, lost 1.38 percent to 1,079.20. The A-share index dipped 1.38 percent to 1,134.56 while the B-share index closed 0.99 percent off at 59.07.
The Shenzhen Composite Index, which covers the country's smaller bourse, dropped 2.28 percent to 258.17.
"Warrants seemed to have caught most of the investors' interest and grabbed the already few active funds in the stock market," said Wu Jianxiong, a Guotai & Junan Securities Co analyst, who described the current situation as an ongoing battle between warrants and stocks.
In Shanghai, warrants worth 8.44 billion yuan (US$1.06 billion) changed hands yesterday, accounting for over half the trading value on the Shanghai and Shenzhen markets.
Angang New Steel Co, Panzhihua New Steel & Vanadium Co and China Vanke Co started selling 2.5 billion warrants on the Shenzhen Stock Exchange yesterday, almost doubling the size of China's warrant market.
Special Treatment companies, which are firms that lose money consecutively for two years, suffered the most by the introduction of warrants.
Eighty-six out of the 88 ST firms trading on Shanghai and Shenzhen bourses fell yesterday. Hainan Sundiro Holding Co Ltd was the heaviest loser, dropping 6.12 percent.