China’s ChiNext Index Falls Over 2% at Midday as Bank Stocks Hit Records

The divergence is the story: record highs in the largest state banks alongside 20% drops in computing hardware names points to a defensive rotation rather than broad risk appetite, with the growth-heavy ChiNext and STAR boards absorbing the selling. That split matters for crypto and RWA desks because it suggests domestic capital is pricing caution on high-beta technology exposure even as it crowds into yield-like financials. Whether the bank bid persists as a safe-haven trade, or hardware selling spreads further, is the open question worth watching.