China’s ChiNext falls 4.45% as over 4,700 stocks decline; banks hit records

The split is the story: capital rotating out of high-beta growth names and into the largest state-linked banks, even as breadth collapses across both exchanges. That defensive tilt, with the big four's combined value crossing a symbolic threshold while computing hardware sells off, suggests positioning for safety rather than a broad risk reset. The contraction in turnover points to conviction draining rather than a single forced unwind. Whether the bank bid holds as a haven, or the weakness in growth spreads into the broader market, is the open question worth watching.