Shanghai Composite Falls 2%, ChiNext Drops 4.85% as China Stocks Deepen Losses

The striking feature here is the divergence in magnitude: growth-heavy ChiNext falling roughly two and a half times as much as the main board points to a selloff concentrated in higher-beta, tech-leaning names rather than a uniform de-risking. That pattern matters beyond China, since mainland equity sentiment often feeds into Hong Kong and broader Asia risk appetite, and by extension into crypto's correlation with risk assets. Whether the gap between ChiNext and the Shanghai Composite widens further, or the benchmarks converge as selling broadens, is the open question.