China's stock slipped to a nearly 13-months closing low on Friday.

PetroChina breaks its initial public offer (IPO) price for the first time since the stock issued in Shanghai last October.

The SSE fell 128.07 points, or 4 percent, to reach 3094.67 points, which became the lowest point since March 23, 2007, when the Index reached 3074.29 points. It lost 11.4 percent this week, the biggest weekly drop since 1996, and is now 49 percent below last October's record peak. The Shenzhen Stock Exchange Composite Index fell 4.2 percent to reach 930.63 points.

PetroChina fell 5 percent to reach 16.02 Yuan, which breaks its IPO price of 16.70 Yuan, and 67.1 percent lower than its peak price of 48.62 Yuan in last November.

823 of 878 stocks that listed in Shanghai Stock Exchange fell on Friday, among which Airline stocks make the biggest decline. Air China closed at 12.26 Yuan, China Eastern Airlines closed at 9.23 Yuan, both were stopped by fell for more than 10 percents.