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By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2007-08-07 17:17

Shenzhen Stock Exchange has announced that funds investors use to apply for or subscribe to buy shares in an IPO will be frozen for three days starting from tomorrow, instead of the present four days, according to information from the exchange and China Securities Depository and Clearing Co Ltd, the Beijing Youth Daily reported today.

The new three-day frozen fund measure will take effect as of August 8 this year.

According to current trading measure, potential investors are selected randomly in a computerized lottery. Unlucky investors who are not successful in winning the right to buy new shares can have their funds returned within four days.

If the stock exchange should return to a four-day time period for frozen funds the exchange will issue special notice, the paper said.