China shares closed 2.52 percent lower on Friday, posting their biggest weekly drop in more than three years, on concern that Bank of China's upcoming domestic share offer would draw funds from the wider market.
The benchmark Shanghai composite index closed at 1,551.384 points, a four-week low, bringing its loss for the week to 7 percent. It is still up 34 percent since the start of this year.
Turnover in Shanghai A-shares was a moderate 25.8 billion yuan ($3.22 billion). Blue chip lenders Merchants and Minsheng both fell on Friday. Top Shanghai-listed bank China Merchants Bank Co Ltd slipped 1.88 percent to 6.78 yuan, while smaller rival Minsheng Banking Corp fell 2.72 percent to 3.94 yuan. Bucking the trend, Tianjin Port Ltd climbed 0.27 percent to close at 7.37 yuan.
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