China shares fall, tracking Wall Street drop; investors worried by pending IPOs

Chinese shares fell back Tuesday, reflecting unease after an overnight decline on Wall Street and worries over pending initial public offerings.

The benchmark Shanghai Composite Index fell 1.8 percent, or 52.70 points, to 2,850.31. The Shenzhen Composite Index lost 1.5 percent to 855.84.

"In my view, today's drop was because of the decline in the U.S.," said Zhai Peng, a strategist at Guotai Junan Securities in Shanghai.

But he noted that news of plans by China Nanche Corp., a state-owned locomotive manufacturer, for an initial public offering early next month also cast a pall on buying sentiment.

"This has made the …