Chinese stocks hit fresh 7-year high despite rush of IPOs

April 3, 2015 7:13 AM

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SHANGHAI, April 3 (Reuters) - Chinese stocks rose to fresh seven-year highs on Friday, shrugging off concerns that a wave of new share offerings would reduce liquidity.

China's securities regulator said late on Thursday it had approved 30 initial public offerings (IPOs), which analysts said could lock up as much as 3.7 trillion yuan ($597 billion) in subscription funds over the next two weeks.

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