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Investing.com -- Chinese stocks fell on Thursday following a recent rally, with semiconductor and tech hardware stocks leading the decline.
The ChiNext Index, China’s Nasdaq-like board, dropped 4.25%, marking its largest one-day loss since April.
The pullback comes after Chinese equities had been gaining momentum over the past month, driven by solid corporate earnings, advances in artificial intelligence, and policy initiatives from Beijing, including efforts to reduce competition and overcapacity.
The Shanghai Composite Index had reached a 10-year high in August, while the Hang Seng Index recorded its best monthly performance since September last year, when China announced a major stimulus package.
Easing trade tensions had contributed to a positive market sentiment, prompting investors to move funds from deposit accounts and bonds into stocks.
Market analysts suggest the Thursday decline may represent a correction, with concerns that Chinese regulators might step in to moderate excessive market movements.
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