Mainland China's main equity index has closed more than 4 per cent lower, amid reports that domestic stockbrokers are pulling back from lending clients money to buy shares, as regulators become increasingly concerned about the fierce nature of a recent stock-market rally.
The Shanghai Composite, which has increased in value by almost 120 per cent over the past year, fell 4.1 per cent to 4,308 points. That is the index's biggest drop since January 19, and the seventh biggest fall over five years.
The dramatic rise in equity valuations has unsettled China's securities regulators and even some companies raising funds via IPOs.
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