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China shares tumbled on Monday as a new batch of initial public offerings started taking subscriptions while investors worried that a flash manufacturing survey due on Tuesday could be more evidence the Chinese economy is slowing significantly.
The wave of 12 IPOs is expected to lock up 600 billion yuan ($97.75 billion) in funds, according to a National Business Daily report, aggravating quarter-end liquidity pressures.
The Shanghai Composite Index shed 1.7 per cent to 2,289.87 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings closed down 1.9 per cent.
A private flash PMI reading on China September factory output on Tuesday could come in below the 50 level, indicating that manufacturing activity is contracting. The median of a Reuters poll was 50.0, which is the demarcation point between expansion and contraction.
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