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China Stocks Post Biggest Weekly Loss in 4 Months on IPO Concern
China’s benchmark stock index posted its biggest weekly loss in four months amid concerns new share sales are diverting funds from existing equities and a slowing economy is hurting profits. Great Wall Motor Co., the biggest Chinese maker of SUVs, slid 6.7 percent in Shanghai after third-quarter profit dropped 22 percent. China Construction Bank Corp. (601939) retreated to a one-week low after earnings trailed estimates. Anhui Conch Cement Co., the largest producer of building materials, slumped 2.4 percent in Hong Kong after new-home prices in China fell in all but one city monitored by the government last month. ... (full story)