TREE NEWS reports: China’s ChiNext Index fell more than 3% and the STAR 50 Index dropped over 4% by midday, while the banking sector rose against the trend and the combined market capitalization of the four largest state-owned banks — ICBC, Agricultural Bank of China, Bank of China and China Construction Bank — surpassed 10 trillion yuan for the first time. Hong Kong’s Hang Seng Tech Index fell nearly 2% by midday, with AI large-model stocks opening lower and sliding, as Zhipu dropped more than 7% and MINIMAX fell over 5%.
China’s ChiNext Falls Over 3%, STAR 50 Drops More Than 4%
AI take
The split between growth-heavy tech boards and state-owned banks is the real signal here: capital is rotating toward defensive, high-dividend financials rather than exiting Chinese equities outright. The move spans both onshore and Hong Kong listings, with AI large-model names like Zhipu and MINIMAX among the hardest hit, suggesting sentiment toward the AI theme specifically is cooling rather than broad risk appetite collapsing. Whether this bank-versus-tech divergence persists, or proves a single-session rotation, is the open question worth tracking.
Generated by AI for reference only.
Share on WeChat
Open WeChat → Scan → then tap "…" to send to a chat or Moments.
Tap "…" in the top-right corner to send to a chat or share to Moments.
Related News
8m ago
Shandong Targets 65% High-End Chemical Share by 2030 in New Action Plan
8m ago
TSMC Acquires AUO’s Taichung Plant for About $1.2 Billion
9m ago
Lithium carbonate futures fall below 90,000 yuan/ton
14m ago
Volkswagen Q3 revenue €75.28B, operating loss €5.86B
15m ago
ChiNext Index Falls Over 4%, Shanghai Composite Down 0.85%
17m ago
China’s Finance Minister Lan Fo’an Meets World Bank Managing Director Zhang Wencai in Beijing