After raising a record $70bn in new equity capital in the domestic market last year, Chinese companies are finding that local investors have become more discerning towards new share issues, says Jing Ulrich, chairman of China Equities at JP Morgan.

She says that in recent weeks, big companies have seen their share prices drop after announcing ambitious fundraising plans, with investors wary of dilution. Last year such news was usually seen as an encouraging sign of momentum.