Shanghai Composite Opens Down 1.07% at 3646.57

The sharper declines in ChiNext and the STAR 50 point to a growth- and tech-heavy selloff rather than a uniform index move, with the CSI 300's smaller drop suggesting large caps are holding up relatively better. That divergence matters because China's equity benchmarks are closely watched as a barometer for risk appetite across Asia, and a tech-led retreat can weigh on sentiment toward risk assets more broadly. Whether the growth-heavy indices keep underperforming the blue-chip gauge is the open question.