China’s securities regulator is barring companies from selling new shares to fund investments in non-core businesses such as internet finance, online gaming and virtual reality, in a bid to head off a speculative bubble, according to local media.
As China’s economic slowdown has slammed traditional industries such as manufacturing and construction, investors have piled into sunrise industries including technology, finance and media.
In a bid to renew their fortunes and boost stock prices, listed companies in declining sectors have made abrupt shifts into new business lines, often signalling them with eye-catching name changes designed to capture investor interest.
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