Shanghai, Shenzhen Composite Indexes Drop Over 2% as Nearly 5,300 A-Shares Fall

The breadth of the selloff — virtually every A-share on all three exchanges closing lower — matters more than the index drops themselves. It points to a broad, indiscriminate de-risking rather than sector-specific weakness, with the declines led by nonferrous metals, large-cap financials and semiconductor chips, typically among the more heavily weighted and liquid segments. Whether that selling reflects a one-day flush or the start of a more sustained repricing across Chinese equities is the open question.