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The Shanghai Composite Index, which tracks the bigger of domestic stock exchanges, lost 1.1 percent to 4,001.95. The Shenzhen Composite Index, which covers the smaller one, retreated 0.3 percent to 1,123.91.
Minsheng Banking, the nation's first privately controlled lender, fell 0.42 yuan (5 US cents), or 2.9 percent, to 14.02 yuan. China Vanke Co, the nation's biggest property developer, lost 0.75 yuan, or 3.1 percent, to 23.31 yuan. Baoshan Iron & Steel Co, China's biggest steelmaker, fell 0.29 yuan, or 2.2 percent, to 12.99 yuan.
Equities also fell after China's securities regulator ordered the country's fund management companies to not get involved in speculation of shares, state-run Securities Times reported, citing a circular from an unspecified regulator.
Fund managers must be wary of ``liquidity risks'' and are barred from owning more stocks than they're capitalized for, the Shenzhen-based newspaper said.
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