China shares rise as stimulus steps offset IPO

HONG KONG/Shanghai, June 10 (Reuters): China shares ended a choppy morning trade up on Tuesday, led by strong gains in financial counters after China detailed which banks would benefit from a recent cut of required reserves ratios.
The move to boost liquidity helped offset a negative impact from the resumption of initial public offerings (IPOs) in the mainland after a four-month hiatus. IPOs typically divert funds from existing shares.
Hong Kong shares opened up following another record-high on Wall Street, but then moved into negative territory before later tracking gains in the mainland.