Chinese and Hong Kong stocks slid sharply on Friday, with mainland benchmarks headed for their steepest weekly losses in over two years. Investor sentiment weakened as concerns grew that CXMT's $8.6 billion IPO and a pipeline of large listings could drain market liquidity, triggering heavy selling in AI and semiconductor stocks.

Mainland China stocks declined on Thursday due to technology sector weakness. Hong Kong equities gained momentum, supported by Alibaba's artificial intelligence integration news.…

Technology stocks have come under pressure in recent weeks as investors increasingly question whether this year’s blistering AI-driven rally has run too far, too fast