THE lackluster IPO market on the Chinese mainland so far this year has burnt investors who bought shares, hoping for riches but ruing their losses instead.

Up to Wednesday, 34 of the 45 initial public offerings this year have fallen, according to latest data. Bluedon Information Security Technology and Leyard Optoelectronic suffered the biggest losses among the 34 IPOs as they sank 33.9 percent and 33.19 percent respectively.

Five other IPOs such as Jishi Media and Beijing SDL Technology have tumbled over 20 percent so far this year.

The four stocks which debuted yesterday all closed below their IPO price. Jiangsu Yuxing Film Technology led the drop with 16.5 percent, followed by Ningbo Cixing down 13.7 percent, Everfine down 9.4 percent and Anshan Heavy Duty Mining Machinery off 9.5 percent.

Only 11 shares which debuted this year have gained. Universal Scientific Industrial Shanghai rose the most by 18.6 percent.

Meanwhile IPO activity globally has also fallen to the lowest level since the second quarter of 2009, Ernst & Young said yesterday in a report.

Source:shanghaidaily