Dai Qian/Shanghai Daily news

Shanghai shares ended a two-day winning streak to fall slightly yesterday, as telecommunications and steel counters lost ground.
The Shanghai Composite Index, which tracks both yuan-dominated A shares and hard-currency B shares, dipped 0.49 percent to 1,130.76. The A-share index shed 0.5 percent to 1,189.30, while the B-share index closed up 0.2 percent at 59.30.
"Capital is tight at the end of the year," said Zhang Qi, an analyst at Haitong Securities Co, as he explained the reason for the lackluster performance in the market.
Zhang predicted the index will stay at around 1,100 points up to Chinese New Year, which starts on January 29, and that more companies would unveil their plan to restructure their share holdings.
Telco shares dropped yesterday as the supply of telecom products exceeded demand. The price of telecom equipment has declined for months, according to the Producer Price Index compiled by the National Statistics Bureau.
The top loser was Jilin Sino-Microelectronics Co Ltd which fell 3 percent to 7.43 yuan (92 US Cents), followed by Weifang Beida Jade Bird Huaguang Technology Co Ltd which tumbled 2.83 percent to 2.4 yuan.
Wuhan Yangtze Communication Industry Group Co Ltd closed at 5.89 yuan, down 2.16 percent. China United Telecommunications Corp, the second largest mobile operator in China, dropped 0.36 percent to 2.79 yuan.
Steelmakers also went through a tough day as steel prices declined on overcapacity.
Handan Iron & Steel Co Ltd suffered the biggest fall among major domestic steel makers when its shares dived 1.57 percent to 3.14 yuan.
Baoshan Iron & Steel Co, the country's largest mill, finished at 3.93 yuan for a loss of 1.5 percent after rising for five straight days since last Wednesday.
Wuhan Iron & Steel Co lost 0.36 percent to 2.75 yuan while Maanshan Iron & Steel Co Ltd slid 0.73 percent to 2.71 yuan.