China’s main stock index tumbled more than 5 per cent on Wednesday, ending a four-day rebound off 11-month lows, as large caps were sold after the market retreated from technical resistance.

Market liquidity was hit by money flowing to initial public offers of shares, analysts said. Retail subscriptions to Jinduicheng Molybdenum’s offer were being taken on Wednesday, and investors were starting to prepare funds for subscriptions to Zijin Mining Group’s offer next Tuesday and Wednesday.