China market tanks 3.7% on IPO concerns

Mainland China share market closed sharply down on Thursday, 18 June 2015, amid concerns about market liquidity squeeze after 11 companies started taking investor subscriptions for their initial public offerings (IPOs) today, while 9 more will follow suit on Friday. The new IPO subscriptions this week are set to lock up about 6.7 trillion yuan of funds. The benchmark Shanghai Composite Index tanked 182.54 points, or 3.67%, to 4785.36, taking its declines for the week to 7.4%.

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