China's Stocks Fall Most in Month on Industrial Profits, IPOs
- Shanghai B-share index declines for first time in 14 days
- China Telecom slides after chairman comes under investigation
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China’s stocks fell the most in a month as industrial company profits declined and concern grew a new system for initial public offerings will damp demand for existing equities.
The Shanghai Composite Index slumped 2.6 percent to 3,533.78 at the close, paring a quarterly advance to 16 percent. A gauge of dollar-denominated mainland stocks dropped for the first time in 14 days. Industrial profits declined for a sixth month in November. Chinese lawmakers cleared the way for rules to be changed as early as March to allow a registration system for IPOs. China Telecom Corp. slid in Hong Kong after its chairman became the latest high-ranking executive to be targeted by anti-graft investigators.