News Snapshot:
Some things have changed in mainland China’s initial public offerings (IPOs) and investors who are used to reaping outsized gains from such bets should take note and be prepared to stomach instant losses. Nine stocks ended below their offer prices on their first day of trading in Shanghai and Shenzhen exchanges over the past three weeks. The worst of the lot is vaccine maker Liaoning Chengda Biotechnology, whose stock crashed 27 per cent. None of the more than 400 debutants this year that came before the nine had suffered such embarrassment. The losses are the result of a two-prong measure...