A-shares opened lower and traded down into the morning; ChiNext (GEM) fell more than 2% intraday before recovering to a midday close down 1.07%. Shanghai Composite rose 0.16%, Shenzhen Composite fell 0.18%. Combined turnover at the half-day was 970.7 bln yuan, up 8.1 bln from the prior session. More than 3,800 stocks declined. Banks outperformed; Industrial and Commercial Bank of China shares hit a record high. CPO-related names rebounded: Tianyang New Materials hit the daily limit and Sihui Fuj

A-shares opened lower and traded down into the morning; ChiNext (GEM) fell more than 2% intraday before recovering to a midday close down 1.07%. Shanghai Composite rose 0.16%, Shenzhen Composite fell 0.18%. Combined turnover at the half-day was 970.7 bln yuan, up 8.1 bln from the prior session. More than 3,800 stocks declined. Banks outperformed; Industrial and Commercial Bank of China shares hit a record high. CPO-related names rebounded: Tianyang New Materials hit the daily limit and Sihui Fuji gained over 16%. PCB names rallied, with Kent up about 20% to its limit. Film-theater stocks weakened; Huanrui Century and Bona Film were among the largest decliners. Real estate, CRO and dairy sectors were among the biggest losers, while baijiu stocks advanced.