A-shares gave up early gains and closed sharply lower. At the close, China’s
Shanghai Composite fell 0.79%, Shenzhen Composite Index down 2.07%, ChiNext
Index down 3.15% and the STAR 50 Index down 4.82%. Turnover on the Shanghai and
Shenzhen bourses were 1.68 trillion yuan, up 244.1 billion yuan versus the prior
session. More than 3,700 stocks declined. Semiconductor and CPO AI-hardware
names underperformed, with optical-communications stocks leading losses; Yuanjie
Technology, Changguang Huaxin, Dongshan Precision, Woge Optoelectronics and
Junsheng Electronics hit limit-down. Tianfu Communication tumbled over 10% in
the afternoon; memory-chip leader Changxin Technology (CXMT) slipped more than
8% intraday. Banks outperformed intraday, with Bank of China, Industrial and
Commercial Bank of China and Hangzhou Bank making new highs.
