China stocks gave back some of the previous session's sharp gains on Tuesday, with investors growing skittish about the impact of a new wave of initial public offerings. The blue-chip CSI300 index fell 0.5 per cent, to 3,848.61 points by the lunch break, retreating from four-month highs touched on Monday. The Shanghai Composite Index also lost 0.5 per cent, to 3,623.56. Blue chips, including banks, property and transportation were all down on profit-taking, despite market-friendly messages from a key meeting of China's Communist leadership. However, analysts said the policies did not exceed investor expectations, while the imminent source of anxiety was the new batch of eight IPOs this week that some estimated would freeze about 1.7 trillion yuan ($262.5 billion) of liquidity, according to Reuters
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