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%. M

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.