China Tech Stocks Plunge Amid Global Tech Selloff
Chinese equities suffered their worst day in months as contagion from global tech weakness spread to Asian markets. The Shanghai Composite tumbled 2.5% while the Shenzhen Component cratered 3.4% - both marking their steepest declines since October.
Semiconductor and AI stocks led the rout, with the CSI Artificial Intelligence Index dropping 3.5% and semiconductor sub-index falling 3.1%. Shannon Semiconductor collapsed 13%, while Foxconn Industrial Internet and Eoptolink Technology both plunged 8%.
The bloodletting extended to renewable energy plays, with lithium producer Ganfeng Lithium down 10% and solar company Sungrow Power losing 5%. Investors now await policy signals from China's upcoming Central Economic Work Conference for direction on Beijing's 2024 economic priorities.
