China A-shares closed lower after intraday lows; the STAR 50 fell as much as 4%
intraday. At the close, CHINA'S SHANGHAI COMPOSITE INDEX -0.59%, Shenzhen
Composite Index -2.13%, ChiNext -3.21%, STAR 50 -3.1%. Precious metals
outperformed: Hunan Baiyin posted a second consecutive daily limit-up; Sichuan
Gold, Zhaojin Gold, Western Gold and related miners gained. Coal names rallied;
Meijin Energy, Dayou Energy and Shanghai Energy hit daily limit-ups. Components
sector weakened sharply—Zhongying Technology fell over 10%, with Jianghai,
Founder Technology, Xianfeng Holdings and several parts suppliers lower. CRO
names were weak—Haitai Bio slid over 10% and other contract-research stocks
declined. CPO-related stocks dropped; Gongjin shares hit the down limit, while
DeFu Technology, Ruijie Networks and select optics/telecom suppliers fell.
