Chip stock selloff hits institutional demand for CXMT's $8-bn IPO

Chinese chipmaker CXMT said institutional investors subscribed for 1.24 trillion shares in its $8.6-billion IPO, compared with 2.17 billion IPO shares ​on offer to them. Demand was less robust than in recent Chinese tech listings as a global chip stock selloff dampened investor sentiment. The retail portion was 243.93 times oversubscribed, also reflecting relatively weaker investor enthusiasm.