China’s Shanghai Composite slips 0.30% to 3930.12

The modest headline decline masks a sharper divergence beneath the surface, with the STAR 50's 2.10% drop signaling that risk appetite is concentrating away from tech-heavy small caps. The relative resilience of the CSI 300 suggests investors are rotating toward larger, more established names rather than fleeing equities outright. For market watchers, the key question is whether this rotation reflects a temporary positioning shift or the start of a broader de-risking phase, especially as the gap between index performance and broader market breadth widens.