China’s ChiNext and STAR indexes fall over 4% as more than 4,700 stocks decline

The split between growth-heavy ChiNext and STAR boards and the resilient state banks points to a rotation rather than uniform risk-off, with the first-ever 10 trillion yuan combined A+H value of the big four lenders underscoring where defensive money is going. The breadth of the decline — over 4,700 stocks — matters more than the index moves, since it signals selling pressure across small caps rather than an isolated tech pullback. Whether bank strength holds as a safe-haven trade while turnover stays elevated is the open question.