Shanghai Composite Falls 0.43% to 3,797.24 as ChiNext Drops 2.61%

The divergence in magnitude—large-cap CSI 300 down modestly versus a steep ChiNext and STAR 50 decline—points to pressure concentrated in growth and smaller-cap segments rather than broad risk-off selling. That pattern matters for RWA and crypto-market watchers because China's tech-heavy indices often serve as a proxy for domestic risk appetite. Whether the gap between large-cap resilience and small-cap weakness persists, or converges, is the open question to watch.