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SHANGHAI, June 26 (Reuters) - China stocks fell sharply in early trade on Friday, extending Thursday's losses, as markets struggle to digest a flood of IPOs, tighter cash supply and general anxiety about policy direction.
The CSI300 index fell 2.8 percent to 4,573.87 points by 0128 GMT, while the Shanghai Composite Index lost 2.8 percent to 4,399.93 points.
China CSI300 stock index futures for July fell 3.6 percent, to 4,513.2, -60.67 points below the current value of the underlying index.
In Hong Kong, the Hang Seng index dropped 0.5 percent, to 27,016.09 points.
The Hong Kong China Enterprises Index lost 1.0 percent, to 13,330.10. (Reporting by Pete Sweeney; Editing by Kim Coghill)