Chinese IPOs lose their lustre

Chinese initial public offerings, last year’s most sought-after shares, are losing their lustre.

Three Chinese IPOs in the past month fell almost 10% in their trading debuts.

China Resources Peoples Telephone Co, a Hong Kong wireless company controlled by China’s Cabinet, fell 8.2% yesterday.

Semiconductor Manufacturing International Co and Tom Online Inc dropped after US technology stocks slumped and China announced steps to curb economic growth.

“The concept of people buying into China to sell on the first day of trade at a profit is over,” said Glenn Henricksen, of CIF Consultants in Hong Kong. “The free money is finished.”