China stocks fall on IPO concerns; Hong Kong also down
* CSI300 -2.3 pct; SSEC: -1.8 pct; HSI: -0.7 pct
* China's securities regulator to speed up IPO approval
* AVIC's units rise after it partners with the Shanghai bourse
By Samuel Shen and Kazunori Takada
SHANGHAI, April 24 (Reuters) - China stocks fell on Friday morning, dragged by financial heavyweights, after the country's securities regulator said it would accelerate approval of initial public offerings in an apparent effort to cool the red hot market.
Late on Thursday, the China Securities Regulatory Commission (CSRC) approved a new batch of 25 IPOs, and said it would publish two lists of approved IPOs each month, up from one currently.
This shows that "regulators are concerned with the pace of the current market rally," said Xiao Shijun, analyst at Guodu Securities in Beijing. "It will bring some short-term pressure to the market."
But it doesn't mean China's bull market is over, said David Dai, Shanghai-based investment director at Nanhai Fund Management Co.
"Any correction at this stage would be natural. Regulators want to see a long and steady bull market, but recently, the market has shown signs of over-heating." Continuación...