IPO fears hit Chinese stocks

Chinese stocks closed flat on Tuesday with investors concerned that the renewal of initial public offerings (IPOs) on the mainland will cause a glut and soak up much cash. The benchmark Shanghai Composite Index edged up 0.69 points to 2,028.04 on turnover of 57.5 billion yuan ($9.2 billion). The Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 0.69 percent, or 7.17 points, to 1,044.20 on turnover of 79.5 billion yuan, according to AFP.