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Chinese shares open lower on massive IPO

(Xinhua)
Updated: 2009-07-29 10:21

Chinese shares opened lower Wednesday on the massive IPO of China State Construction Engineering Corp.

The benchmark Shanghai Composite Index dropped by 0.53 percent to open at 3,419.99. The Shenzhen Component Index lost 0.42 percent to 13,778.58 at the opening.

China State Construction Engineering Corp, the country's largest housing contractor, plans to raise as much as 50.2 billion yuan ($7.2 billion) in the world's biggest IPO since March 2008.