Global Market: CXMT's $8.6 billion IPO draws strong retail demand, but investor caution persists

CXMT's retail tranche of its about $8.6 billion IPO on China's STAR Market was oversubscribed by 243.93 times, with a final retail allotment rate of around 0.47 percent, the highest ever on the STAR Market. Despite strong retail demand, oversubscription was lower than recent Chinese IPOs as tech sector concerns persist, with the STAR50 Index down nearly 20 percent from its July 1 peak. Chinese state media attempted to calm liquidity fears ahead of Friday's lot-drawing ceremony, while analysts expect CXMT's valuation to climb into the multi-trillion-yuan range post-listing.