China’s Shanghai Composite Opens Down 0.60% at 3910.92

The pattern here is telling: the STAR 50 and the small-cap CSI 500 and CSI 1000 opened weaker than the large-cap CSI 300, suggesting the selling is concentrated in higher-beta, growth-leaning names rather than a broad de-risking of Chinese equities. That divergence matters because it points to positioning unwinds in the most speculative segments, not a wholesale repricing of the market. Whether that gap persists through the session, or large caps catch down, is the open question worth watching.