ChiNext Index Falls Over 4% Intraday, Hitting New Low for the Year

The significance here is the synchronised weakness across both growth-oriented boards, not the ChiNext move alone — when the STAR 50 falls almost as hard, it points to broad risk reduction rather than a single-board story. That matters most for holders of high-beta, long-duration names, where valuation rests on distant earnings and is most sensitive to sentiment. The open question is whether this selling is a one-session flush or the start of a deeper de-risking; follow-through in the coming sessions, and whether the two boards keep moving together, is what to watch.