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China stocks fall on Anbang tumult, weak investment data - FINANCIAL-24

SHANGHAI: China stocks fell early Wednesday, led by blue-chips, as sentiment was soured by a media report alleging a probe of the head of financial conglomerate Anbang Insurance Group, plus weak May investment data deepening worries of economic deceleration. 

Hong Kong shares also dropped, as investors braced for a likely U.S. rate hike later in the day, and awaited clarity on the Federal Reserve's future policy. Some investors also think a U.S. hike will prompt China to increase its interest rates. 

China's blue-chip CSI300 index  fell 1 percent, to 3,545.44 points by the lunch break, while the Shanghai Composite Index lost 0.6 percent, to 3,135.32 points. 

Investors dumped stocks - many big-caps - that are partly-owned by Anbang, after the acquisitive company said late on Tuesday its chairman Wu Xiaohui was no longer able to fulfil his duties. Hours earlier, Chinese magazine Caijing reported that Wu had been taken away for investigation. 

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