China Stocks Close Lower; Shanghai Composite Falls 0.79% to 3811.90

The dispersion here is the story: the growth-heavy ChiNext and STAR 50 fell several times harder than the broad Shanghai Composite, a pattern typically associated with tech and small-cap positioning unwinding rather than a uniform macro repricing. That distinction matters for anyone tracking Chinese risk appetite, since the STAR 50's steep drop points to pressure in the segment most tied to domestic tech narratives. Whether the gap between mainboard and growth boards widens further is the open question.