(Yicai Global) May 27 -- China's mainland stock markets opened on a different footing today. Banking equities were particularly weak, following news about the banking and insurance regulator taking over Baoshang Bank due to sever credit risks. 

The Shanghai Composite Index opened 0.1 percent lower at 2,851.28 points. The Shenzhen Composite Index started 0.2 percent higher at 8,795.14 points. The ChiNext, which tracks growth enterprises listed in Shenzhen, opened 0.3 percent higher at 1,447.98 points.

The China Banking and Insurance Regulatory Commission has taken control of Baoshang Bank for one year due to the serious credit risks that it poses, the People's Bank Of China said on its website on May 24. The Inner Mongolia-based lender posted a 65 percent increase in its outstanding loans to CNY156.5 billion (USD22.7 billion) in the two years ended in late 2016.

Editor: Emmi Laine