Mainland share prices closed lower yesterday on concerns over increased fund-raising activities following the launch of two additional initial public offerings.
Although there had generally only been two IPO launches each week, there have been four this week, dealers said, noting Zhejiang Jinying yesterday announced the launch of a 45 million A-share offer.
This was expected to increase pressure on A-share liquidity, which was already relatively thin amid cautious sentiment, they said.
Although B-share prices gained continued support from mainland buying of Zhejiang Southeast Electric Power, following its annual report on Tuesday, most B shares drifted lower in cautious sentiment and thin trade, they said.
The A-Share Index declined 14.726 points to close at 1,923.124.
Turnover was weaker at 12.63 billion yuan, compared with 14.29 billion yuan on Tuesday.