China’s ChiNext falls 3.5% at midday; over 4,500 stocks decline

The rotation is the story: defensive sectors like agriculture, power grid and banking held up while growth-heavy computing hardware, semiconductors and gaming sold off, a split that points to risk reduction rather than a single catalyst. With half-day turnover already above 1 trillion yuan, the breadth of the decline — over 4,500 stocks — suggests broad de-risking rather than sector-specific news. Whether that defensive tilt persists into the close, or the growth complex stabilizes, is the open question worth watching.