China’s ChiNext Falls Over 3%, STAR 50 Drops More Than 4%

The split between growth-heavy tech boards and state-owned banks is the real signal here: capital is rotating toward defensive, high-dividend financials rather than exiting Chinese equities outright. The move spans both onshore and Hong Kong listings, with AI large-model names like Zhipu and MINIMAX among the hardest hit, suggesting sentiment toward the AI theme specifically is cooling rather than broad risk appetite collapsing. Whether this bank-versus-tech divergence persists, or proves a single-session rotation, is the open question worth tracking.