(MENAFN- Saudi Press Agency) SHANGHAI Rabi'I 17 1437 December 28 2015 SPA -- China stocks tumbled more than 2 percent on Monday their biggest loss in a month as weak industrial profit data and a looming revamp of how companies will be listed weighed on the market Reuters reported.
Sentiment was also soured at the start of a holiday-shortened trading week by a slump in so-called B shares - stocks traded in Shanghai and Shenzhen but denominated in hard currencies.
The blue-chip CSI300 index tanked 2.9 percent to 3727.63 while the Shanghai Composite Index lost 2.6 percent to 3533.78 points. It was their biggest one-day percentage fall since Nov 27.
Investors are concerned about the impact of imminent changes to the system for initial public offerings (IPOs) which could see China moving from an approval-based system toward a U.S.-style registration-system potentially boosting share supply.
In a major step toward reform China's top legislature on Sunday approved a proposal to reform the IPO system authorising the government to kick-off the changes as early as March.
--SPA
11:41 LOCAL TIME 08:41 GMT
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