Chinese Stocks Tumble: ChiNext Slides 6%, Robotics and Chips Lead Losses

The Chinese equity market opened sharply lower and continued to slide throughout the session, with all three major indices closing deep in negative territory. The ChiNext index plunged 6.26%, its steepest one-day drop in months, while the Shenzhen Component Index fell 5.01% and the Shanghai Composite Index declined 2.4%. Selling was relentless, as more than 5,000 stocks on the Shanghai, Shenzhen, and Beijing exchanges ended in the red.

Defensive sectors provided rare bright spots. Coal stocks led the advance, with Baotailong, Shaanxi Black Cat, Dayou Energy, and Meijin Energy all hitting the daily limit up. Banking shares also gained, as Bank of Jiangsu set a new record high and China CITIC Bank rose over 4%. The port and shipping sector experienced intermittent buying, sending Nanjing Port to its daily limit. Meanwhile, the market's total turnover reached 2.53 trillion yuan, reflecting heavy trading activity and investor anxiety.