Shanghai Composite Opens Down 0.54% at 3867.02

The growth-heavy ChiNext and STAR 50 falling roughly twice as much as the Shanghai Composite points to a tech-led risk-off open, not a broad-based de-rating, with smaller, more speculative names absorbing the bulk of the selling. That pattern matters for crypto and RWA desks because it signals a regional drawdown in high-beta risk appetite rather than a China-specific macro shock, and the open alone says little about whether it persists. Whether the growth-index underperformance holds through the session or reverses is the open question.