Chinese equities plunged in early trade: Sci‑Tech Innovation 50 down 6.34% at
midday, ChiNext down 5.89%, Shenzhen Composite down 3.79% and Shanghai Composite
down 1.15%. Combined turnover on Shanghai and Shenzhen was 1.45 trillion yuan by
midday, down 26.4 billion yuan versus the prior session. More than 3,400 stocks
fell. AI-hardware and CPO concept names led declines—Yuanjie Technology off
about 18%, Xinyisheng down over 16%, Zhongji Xuchuang and Lianxun Instruments
each down more than 15%. Memory/storage chip names also sold off, with Allwinner
Technology, Youyan Silicon, Weidao Nano and Huahong Hongli each off over 14%.
Countermoves: education names (Chuanzhi Education four straight limit-ups, Xueda
Education at limit) and Baijiu names rallied, while bank stocks rose intraday
with Industrial& Commercial Bank of China and China Construction Bank hitting
record highs.
