China stocks open lower on new IPOs

China stocks continued to open lower on Tuesday, the second trading day after the Workers' Day holiday, as investors worry that a wave of upcoming share offers could take away funds from the market.

The benchmark Shanghai Composite Index opened 0.15 percent lower at 2,024.26. The Shenzhen Component Index opened at 7,282.92, down 0.36 percent.

On Monday evening, the China Securities Regulatory Commission unveiled prospectuses of 30 initial public offering (IPO) applicants, bringing the total number to 241 since April 19.

The move marked the approaching restart of new IPOs, stirring concerns about the bearish Chinese stock market.

Fear among investors of IPOs is common in China's stock market, as the country's IPO approval system has been long criticized as it allows unqualified companies to enter the capital market which has caused huge losses to individual investors.

A string of announcements of IPO applicants has led to worries among investors and added new pressure to the market, said Sheng Hai, an analyst with Industrial Securities.