Looming IPO restart weighs on Chinese stocks

Chinese shares closed lower on Monday after authorities signalled to restart the initial public offering process. The benchmark Shanghai Composite Index went down 1.51 percent to finish at 2,065.83, and the Shenzhen Component Index lost 1.37 percent to 7,353.6. China's securities regulator unveiled a short list of companies applying for listing in the small hours of last Saturday, signaling a restart of the initial public offering (IPO) review that has been suspended for over a year. A total of 28 companies appeared on the list, 16 for the main board of Shanghai Stock Exchange, 4 for small and medium-sized enterprises board in Shenzhen and 8 for the ChiNext Board, data from China Securities Regulatory Commission (CSRC) showed.