ChiNext Index extends afternoon gain to 4%; STAR 50 rises over 5%

The scale of the move matters more than the direction: gains of this size on growth-focused boards typically reflect a broad risk-appetite shift rather than stock-specific news, and the STAR 50 outpacing ChiNext suggests the more tech- and semiconductor-heavy names led. That distinction is worth noting for anyone tracking where Chinese equity risk is being repriced. Whether the rally holds into the close, or fades as it did intraday, is the open question.