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The Shanghai Composite dropped 1.1% to a more than three-month low of 3,912 on Thursday, while the Shenzhen Component slid 1.6% to 14,548, pressured by a broad selloff in technology shares. The sector came under renewed pressure as investors reassessed the sustainability of the AI-driven rally, with concerns mounting over whether robust earnings growth can continue to justify elevated valuations. Chinese tech and chipmakers led the declines, including Cambricon Technologies (-4.5%), SMIC (-4.6%), Zhongji Innolight (-1.2%), Eoptolink Technology (-2.3%), and NAURA Technology (-4.1%). Risk sentiment was further dampened by data showing that China’s GDP grew at its slowest pace since Q4 2022 and fell below the government’s 2026 growth target range of 4.5%-5%. In response, the PBOC pledged stronger policy support in the second half of the year, signaling flexibility to use tools such as RRR cuts and reverse repos while keeping the seven-day reverse repo rate as its key policy benchmark.
