China’s Shanghai Composite closes down 0.59% at 3,634.35

The dispersion across these indices is the real story: the growth-heavy ChiNext and small-cap CSI 1000 bore the brunt while the large-cap CSI 300 held up comparatively, pointing to a rotation away from higher-beta, tech-leaning exposure rather than a uniform risk-off move. That pattern matters for anyone tracking China equity sentiment as a proxy for broader risk appetite. Whether the small-cap and growth underperformance persists or mean-reverts is the open question worth watching.