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China shares fell in Asia on bank concern

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decline3 Jan. 25, 2010 (Chinavestor) Shares of Chinese companies fell in Hong Kong and Shanghai on Monday following news that Bank of China is planning a RMB 40 billion ($5.86 billion) convertible bond sale. Investors now worry about the rest of the Chinese financial sector - how much and how they are going to replenish capital after record lending in 2009.

But the selloff wasn't universal in Hong Kong, telecoms outperformed and oversold Yanzhou Coal (HKG:1171) bounced back. China Mobile (HKG:0941) advanced 0.8% while China Telecom (HKG:0728) rose 1.2%. But airliners continued to suffer just as did Aluminum Corp. of China (HKG:2600) and CNOOC Ltd. (HKG:0883).

Index futures point to a higher open - U.S. markets are way oversold pointing to a bounce back on Monday. Chinese small cap stocks are ready for a strong comeback - as the oversold stage of the Small Cap ETF (NYSE:HAO) testifies.

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