Global Market: China stocks face steep weekly losses as CXMT IPO sparks liquidity crunch fears
Chinese equities tumbled on Friday, leaving the country’s benchmark indexes on course for their steepest weekly decline in two-and-a-half years, amid concerns that the massive IPO of memory chipmaker CXMT could siphon off market liquidity. According to Reuters, expectations of several more large domestic IPOs in the pipeline further dampened investor sentiment, particularly in the…