Expert: Bank IPOs to put pressure on stock market

Initial public offerings led by banks in July raised a total of 21.1 billion yuan ($3.2 billion) in the month, which will put short-term pressure on the stock market.

There were 27 companies approved to have initial public offerings this month including two banks. The total financing reached a new high since November, according to data from the China Securities Regulatory Commission.

Bank of Guiyang planned to offer no more than 500 million shares and Jiangsu Jiangyin Rural Commericial Bank will offer no more than 209 million shares.