China stocks slide at midday; ‘Big Four’ banks’ combined market cap tops 10 trillion yuan

TREE NEWS reports: China’s ChiNext Index fell 3.63% at the midday close on Oct. 29, with the Shanghai Composite down 0.93% and the Shenzhen Component down 2.55%, as more than 4,700 stocks declined across the three exchanges. The banking sector bucked the trend, with Qingdao Bank up nearly 8% and the combined market capitalization of the ‘Big Four’ state banks — ICBC, Agricultural Bank of China, Bank of China and China Construction Bank — exceeding 10 trillion yuan for the first time. Computing hardware and memory chip stocks led losses, with Tianfu Communication approaching a 20% limit-down and Biwin Storage falling more than 12%; morning turnover reached 996.7 billion yuan.