China’s ChiNext and STAR 50 Indexes Fall Over 2% as Tech Shares Slide

The selloff's breadth—over 4,400 decliners—matters more than the headline index moves, indicating a market-wide de-risking rather than a rotation out of a single sector. The concentration in computing hardware, defense, consumer electronics and semiconductors points to growth and policy-sensitive names bearing the brunt, which typically signals shifting risk appetite rather than company-specific news. Whether the weakness stays confined to these high-beta segments or spills into the broader market is the open question.