ChiNext Index Reverses to Red After Earlier 1.3% Gain

The intraday reversal in the ChiNext Index points to fragile risk appetite in China's growth-stock segment, where gains are being sold into rather than sustained. This matters for market participants tracking sentiment in tech and startups, as it suggests momentum is not holding despite earlier strength. The key question is whether this volatility marks a short-term correction or a broader shift in positioning, especially given the index's sensitivity to policy and liquidity signals. Watch for follow-through in the next sessions to gauge if the pullback deepens or stabilizes.