ChiNext Index and STAR 50 Both Fall More Than 1%

The synchronized decline across both growth boards matters because ChiNext and the STAR 50 are where China's domestic risk appetite for early-stage tech and hard-tech is priced, so weakness in both suggests the pullback is broad rather than sector-specific. It affects sentiment toward the listing pipeline and valuation benchmarks for private RWA-adjacent and semiconductor ventures seeking public exits. Whether the two indices continue to move in lockstep is the open question.