Shanghai stock exchange probes Zhejiang King after its public listing halt

The Shanghai Stock Exchange said it will probe Zhejiang King Co Ltd after the Chinese maker of air conditioners halted its initial public offering (IPO) amid media reports about alleged issues such as the overpricing of shares. The probe comes as China's securities regulators have tightened their scrutiny of IPOs and slowed the pace of share sales as part of efforts to revitalise a flagging stock market. Zhejiang King on Saturday said it will suspend the new share subscription procedure initially scheduled on Monday because of the media reports, without specifying the nature of those reports.