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An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China July 6, 2018. REUTERS/Aly SongSHANGHAI, Aug 11 (Reuters) - A growing number of healthcare companies in China are shelving their initial public offering (IPO) plans as its stock exchanges have stepped up scrutiny of the pharmaceutical industry's business practices amid an escalating anti-corruption drive. Vaccine maker Shanghai Rongsheng Biotech Co terminated its IPO plan this week, after the company's high proportion of sales expenses drew attention from regulators. The company's sales expenses over the past three years amounted to nearly half of its revenue. Another banker said drugmakers are stepping on the brakes of their IPO plans due to the rising uncertainty.

Persons: Aly Song SHANGHAI, Rongsheng, drugmakers, Fujian Mindong, Jason Xue, Tom Westbrook, Muralikumar Organizations: REUTERS, Pharmaceuticals, Shanghai Rongsheng Biotech Co, Shanghai Stock Exchange, Rejuenation Pharmaceutical Co, Shenzhen Stock Exchange, HIT, National Health Commission, Thomson Locations: Shanghai, China, Fujian, Rongsheng, Shenzhen, Singapore

"The major thing that we see now is onshore-traded Country Garden bonds going down," he said. Country Garden is a giant with thousands of projects in nearly 300 Chinese cities. Li Changjiang, the president of Country Garden Services, sold 3.2 million shares of the company last week, reducing his stake to 0.11% from 0.21%. They also cut its price target to HK$0.9 from HK$2.3 and that of Country Garden Services Holdings to HK$6.7 from HK$22. "Distressed Chinese property developers’ bond restructurings can buy them some room," Fitch Ratings said in a report on Monday.

Persons: Longfor, Wanda, Yao Yu, Morgan Stanley, Morgan, Li Changjiang, Fitch, Jason Xue, Tom Westbrook, Clare Jim, Xie Yu, Georgina Lee, Marc Jones, Kim Coghill, Jamie Freed, Barbara Lewis, Christina Fincher Organizations: HK, Dalian, Garden, Country Garden Services, Garden Holdings, Garden Services Holdings, China, Greenland Holdings, Ocean Group, Thomson Locations: SHANGHAI, SYDNEY, China, Hong Kong, Evergrande, Cayman Islands, Shanghai, Sydney, London

"For China, it is 'bad news is good news' at the moment," said Jun Bei Liu, portfolio manager at Tribeca Investment Partners in Sydney. Even before the latest disappointing growth data, a slew of soft economic indicators had shown China's recovery was falling short, slamming the brakes on nascent stock market rallies. Foreign money has been leaving, with worries over China's cyber-security crackdowns and Sino-U.S. flaps over chips and rare metals adding to growth concerns. REVIEWING CHINAGoldman Sachs analysts led by Kinger Lau also believe a 'tactical market recovery' thesis is compelling, and project a 15% 12-month return for the CSI300. "We are conservative about the extent of the policy support down the road," said Alicia Garcia Herrero, chief economist, Asia Pacific at Natixis.

Persons: Jun Bei Liu, Liu, Marcella Chow, CHINA Goldman Sachs, Kinger Lau, it's, Mike Kelly, Alicia Garcia Herrero, Eugenia Victorino, SEB, Victorino, Ting Lu, Jason Xue, Tom Westbrook, Kim Coghill Organizations: Tribeca Investment Partners, CSI, Morgan Asset Management, CHINA, JPMorgan, PineBridge Investments, Nomura, Thomson Locations: China, Sydney, U.S, Asia, Natixis, Shanghai

Data showed Chinese temple visits more than quadrupled this year compared with 2022, while sales of lottery tickets jumped in April to their highest in a decade. In stark contrast, the youth unemployment rate hit a record 20.4% in April, and multiple indicators showed economic recovery is losing steam following an initial bounce after China lifted its zero-COVID policy. "The surging stocks reflect a major macro-economy change this year - rising youth employment pressure," said Shi Pengfei, consumer analyst at Beijing-based Spring Capital. "I don't expect the youth unemployment rate to see an inflection point soon as the graduation season approaches," he said. China's main stock benchmark (.CSI300) has handed back most gains since last November after a reopening rally and is down 1% year-to-date, as the economic recovery missed expectations and geopolitical tensions rose.

Persons: Shi Pengfei, Jason Xue, Tom Westbrook, David Holmes Organizations: Investors, Shan Tourism Co, Development, China Sports Industry Group, Thomson Locations: SHANGHAI, SINGAPORE, China, Anhui, Beijing, Shanghai, Singapore

The easiest trade of the year is fizzling, and the lost momentum is keeping investors' money out. "I will not put any more money into stocks until all my losses are recovered," he said. Interviews with a dozen more small investors showed the sentiment to be reasonably widespread. Brokerage account creation, while volatile, likewise dropped off in April after promising momentum in February and March, China Securities Depository and Clearing data showed. "It is as if stocks are losing faith in the China recovery story," said Grow Investment Group chief economist Hong Hao.

The easiest trade of the year is fizzling, and the lost momentum is keeping investors' money out. Interviews with a dozen more small investors showed the sentiment to be reasonably widespread. Brokerage account creation, while volatile, likewise dropped off in April after promising momentum in February and March, China Securities Depository and Clearing data showed. "It is as if stocks are losing faith in the China recovery story," said Grow Investment Group chief economist Hong Hao. China's April industrial output and retail sales growth undershot forecasts as the recovery turned wobbly.

Persons: Eric Yu, Yi Huiman, Hong Hao, Wang Zaizheng, Chi Lo, Hayden Briscoe, Meng, Jason Xue, Winni Zhou, Tom Westbrook, Shri Navaratnam Organizations: China Securities Regulatory, JPMorgan, China Securities Depository, Mutual, Grow Investment Group, Management, UBS Asset Management, Thomson Locations: SHANGHAI, SINGAPORE, China's, Shanghai, China, United States, Hong Kong, Asia, Pacific, Singapore

Seven Chinese firms including Chanson International (CHSN.O) and Hongli Group (HLP.O) have launched public offerings in March to raise a combined $82.3 million, compared with just four in the preceding two months. That will "reduce regulatory uncertainty" said Mandy Zhu, head of China Global Banking at UBS, and standardise domestic firms' international listings. "But we will abide by Chinese rules and carry out all follow-up work cooperation if necessary." Earlier in the week, steelmaker Hongli Group, food grain manufacturer YanGuFang International Group (YGF.O) and wheelchair-maker Jin Medical International listed in the U.S, also receiving tepid responses from investors. Reuters reported on Thursday that London is also courting new Chinese listings.

SHANGHAI/SINGAPORE, March 29 (Reuters) - Investors are piling into China's tech, media and telecom shares, with speculative bets on chatbot development crowding out other sectors in a scenario that offers a stark contrast with global caution. On some days, including several last week, turnover in tech, media and telecom (TMT) stocks made up more than 40% of total market trade, according to China Merchants Securities' research, for a record concentration of trading volume. "In the stockmarket, AI will be an epic opportunity," said Niu Chunbao, a fund manager at Wanji Asset Management who worried he was missing the rally and bought AI stocks in recent weeks, after cutting exposure to new energy in February. An eye-catching tripling in the share price of chipmaker Cambricon Technology Corp (688256.SS) has driven its market value above $10 billion, despite the company reporting losses since 2017. ($1=6.8891 Chinese yuan renminbi)Reporting by Jason Xue in Shanghai and Tom Westbrook in Singapore; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

More than 30 mutual funds launched this week, mostly equity-focused, offering vehicles for recovery bets. Yang Delong, chief economist at First Seafront Fund Management expects China's economic growth to exceed 5% this year as COVID curbs are scrapped. Cao Ludi, fund manager at Fullgoal Fund Management, predicts an "N-shaped" economic recovery, as an expected Spring revival in activity will likely succumb to a harsh reality check in the second quarter. She advised against chasing the high-flying real estate and tourism stocks, as their "fundamentals remain a question mark." This should mean economic recovery by the second quarter, if not earlier."

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