China’s Shanghai Composite closes down 1.10% at 3,649.18

The dispersion across China's main boards is the story here: the growth-heavy ChiNext and STAR 50 fell far harder than the Shanghai Composite, pointing to pressure concentrated in smaller, tech-oriented names rather than a broad blue-chip retreat. That pattern matters for anyone tracking China's equity risk appetite, since it suggests de-risking in the more speculative segments. Whether this small-cap underperformance persists or reverses in the coming sessions is the open question worth watching.