Nasdaq Golden Dragon China Index Falls 1.3%

The dispersion inside this move is the story: a broad index decline masking sharp single-name splits, with Meituan's slide far outpacing Alibaba's and the KWEB ETF falling harder than CQQQ. That gap suggests the selling is concentrated in consumer-internet ADRs rather than evenly spread across the China complex, while ASE Technology's gain points to continued interest in the semis and hardware side. For China-ADR holders, the takeaway is that index-level moves are understating divergence at the stock level. Whether this rotation between consumer platforms and hardware names persists is the open question.