“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
