Shanghai index down due to funds frozen in new IPOs

Shanghai stocks fell 0.37 percent to 2,201.37 points by midday trading as funds were frozen amid a new round of initial public offerings launched today by two companies in the Shanghai stock market.

Hangzhou First Pv Material started trading at 27.18 yuan, while the initial share price of Jiangsu Yabang Dyestuff was 20.49 yuan.

The prices grew much higher compared with the average debut price of 10.19 yuan in the previous round of IPOs. Frzoen funds in the current IPOs were estimated at hundreds of billions in the stock market.