ChiNext Index Falls 4.37%, Breaks Below 2,600 as ICBC, CCB Hit New Highs

Oct 22, 2026 03:02 ET · 1h ago

TREE NEWS reports: The ChiNext Index fell 4.37% to close below the 2,600-point mark, down more than 40% from its June record high, as Chinese equities broadly retreated. The Shanghai Composite dropped 1.48% and the Shenzhen Component lost 2.96%, with nearly 5,000 stocks declining across the three mainland exchanges on turnover of 1.54 trillion yuan. Bank shares bucked the trend, with Industrial and Commercial Bank of China and China Construction Bank setting new highs, while robotics concept stocks stayed active.

Original source

AI take

The divergence is the story: money is not leaving Chinese equities, it is rotating out of growth and into large-cap banks as defensive anchors. ICBC and CCB at new highs alongside a ChiNext slide of this scale signals a market repricing risk rather than a broad exit, with the persistent strength in robotics concepts suggesting speculative appetite has not fully evaporated. Whether bank leadership holds as the index tests lower ground, and whether the robotics theme can sustain interest against a weakening growth backdrop, is the open question.

Generated by AI for reference only.

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