Chinese shares tumble more than 7% amid Asian losses

“Mainland Chinese shares plunged on Friday as investors began to show concern about another wave of new listings absorbing liquidity in the market. The Shanghai Composite closed down 7.4% at 4,192.87 points. However, shares of Guotai Junan Securities – China’s third-largest brokerage – jumped 44% on its debut after raising $4.8bn (£3bn). It was the country’s biggest initial public offering since 2010. In Hong Kong, the Hang Seng index closed down 1.8% at 26,663.87, with investor sentiment hit by the share fall on the mainland.”

Source: Chinese shares tumble more than 7% amid Asian losses – BBC News

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