China’s Three Major A-Share Indices Turn Negative After Earlier Gains of Over 1%

The reversal matters less for its size than for its timing: an intraday round-trip of this kind signals that buyers are not defending gains, which is a sentiment tell rather than a valuation one. It affects mainland equity positioning broadly, since all three benchmarks moved together, leaving little room to read it as sector-specific. The open question is whether the selling pressure reflects domestic risk appetite alone or spillover from the crypto and RWA markets that increasingly trade alongside Chinese risk assets.