China’s A-share indices fall over 1%, STAR 50 drops more than 2%

The breadth of the selloff — over 5,100 decliners across all three exchanges — matters more than the headline index moves, since it points to a market-wide de-risking rather than a single sector's problem. The concentration of losses in semiconductors, photovoltaics and power grid equipment puts the growth and green-energy complexes at the center of the pullback, with precious metals weakness suggesting the pressure spans both cyclical and defensive positioning. Whether the STAR 50's steeper drop reflects a lasting rotation away from high-beta names or just an amplified version of a broad move is the open question.