Equities decline on new share sale concerns

SHANGHAI: Equities dropped for the first time in three days, paring a weekly gain, on concern new share sales will divert money from existing equities.

Zijin Mining Group Co and China Shenhua Energy Co, the nation's largest producers of gold and coal, lost at least 1.3 percent as eight companies debuted in Shenzhen's ChiNext market for start-up companies on Friday.

Pharmaceutical firm Joincare Pharmaceutical Group Industry Co advanced as investors sought so-called safe havens that aren't easily affected by the economic swings.