China Underwhelms After Holiday, While Hong Kong IPO Craze Continues

China got back to business Thursday following the Lunar New Year holiday. Mainland shares were "supposed" to match record highs. And they did. Briefly. But the CSI 300 couldn't hold on. In what was variously seen as an underwhelming session, the gauge closed lower, while the ChiNext dropped nearly 3%. Although the PBOC rolled 200 billion yuan in MLF, the central bank withdrew short-term cash. Just 20 billion yuan of short-term liquidity was offered Thursday, against 280 billion yuan in matu