China’s ChiNext Plunges 4.53% as Over 4,500 Stocks Fall

The breadth of the decline — more than 4,500 names lower across all three mainland exchanges — matters more than the headline index moves, since it points to a broad de-risking rather than a single-sector shock. The split is telling: defensive and policy-linked pockets such as autos, wind equipment and pork held up, while the growth-heavy complex of computing hardware, semiconductors and consumer electronics led the drop, a pattern consistent with investors trimming the highest-beta segments first. Whether that rotation stays confined to these crowded growth trades or spreads into the defensive corners is the open question to watch.