China A-shares plunge as tech hardware routs, defensive sectors gain on September 28
On September 28, China's A-share markets experienced a broad sell-off, with the ChiNext Index plunging 4.32% and the Shanghai Composite Index falling 1.74%. Technology and growth stocks, particularly computing hardware sectors like communications equipment and CPO, led the decline, while defensive sectors such as commercial vehicles, yellow wine, and power gained. Main funds saw net outflows exceeding 19.1 billion yuan from electronics. The yellow wine sector rose on Huatai Securities' positive outlook, and the power sector gained on strong national energy data. Separately, Nvidia's reported evaluation of glass substrate technology boosted related concept stocks.
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China A-shares Midday: ChiNext plunges 4.32%, tech hardware routs as defensive sectors gain
Chinese A-share markets experienced a broad sell-off on September 28, with the ChiNext index leading declines at -4.32%, followed by the Shenzhen Component Index (-3.37%) and the Shanghai Composite Index (-1.74%). The market showed a clear rotation from technology growth stocks into defensive sectors. Computing hardware sectors including communications equipment, CPO, optical communication, and components suffered the heaviest losses. In contrast, commercial vehicles, Huangjiu (yellow wine), small home appliances, pork, and petrochemical sectors posted gains. Fund flow data from Cailianshe showed net outflows from electronics (over 191 billion yuan), communications, and semiconductors, while inflows went to auto manufacturing, optical electronics, and biological products. Analysts at Huatai Securities issued a positive outlook on the Huangjiu sector, citing potential volume-price restructuring and policy support from the Ministry of Industry and Information Technology. The auto sector saw selective strength on new vehicle launches and international partnerships. The power sector gained on strong national energy statistics showing double-digit growth in solar and wind capacity. Separately, South Korean media reported Nvidia is evaluating glass substrate technology for potential deployment by 2028, boosting related concept stocks.
Read sourceChina A-shares fall sharply, tech hardware plunges, defensive sectors rise
On September 28, China's A-share markets opened lower and continued to decline, with the ChiNext Index falling 4.32% by midday. The Shanghai Composite Index dropped 1.74% to 3820.82, the Shenzhen Component Index fell 3.37% to 12868.28, and the STAR 50 Index lost 4.00%. Trading volume reached 1.1704 trillion yuan, up 92.4 billion from the previous session. The market showed a clear divergence: technology and growth stocks, particularly computing hardware (communication equipment, CPO, optical communication, components), led the decline, while defensive sectors like commercial vehicles, yellow wine, small home appliances, pork, and oil/petrochemicals were relatively strong. Main funds saw net outflows of over 19.1 billion yuan from the electronics sector. Analysts at Huatai Securities forecast a potential restructuring of the yellow wine industry's volume-price logic, supported by consumption upgrades and a government policy to cultivate 50 large-scale enterprises by 2028. The auto sector was boosted by the 'Golden September' sales season with over 50 new models launched. The power sector gained on strong national energy statistics showing 11.1% year-on-year growth in installed capacity. Separately, South Korean media reported that Nvidia is evaluating glass substrate technology, with potential deployment by 2028.
Read sourceA-Share Market Falls; Xinhua Media Hits 5th Consecutive Daily Limit-Up on Acquisition Plan
China's A-share market experienced a broad decline on September 28, with the Shanghai Composite Index falling 1.14%, the Shenzhen Component Index dropping 2.32%, and the ChiNext Index losing 3.1%, as over 4,400 stocks declined. Despite the overall downturn, several sectors showed strength. Xinhua Media (600825) surged to its fifth consecutive daily limit-up, with over 5 million buy orders at the close, following its September 18 announcement of a major asset restructuring plan to acquire 100% of Shanghai Interface Cailianshe Technology Co., Ltd. The glass substrate concept was active after reports that Nvidia is evaluating adopting glass substrates, aiming for potential implementation by 2028. The yellow wine sector saw gains, with Huatai Securities forecasting a potential restructuring of volume and price logic for the industry, driven by consumption scenario upgrades and competitive landscape optimization. The power sector rose on the back of strong national power generation data for January-August. Conversely, precious metals stocks fell as spot gold dropped over 1.7%, and the CPO sector declined sharply.
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China stocks open lower; glass substrate concept rises on Nvidia glass substrate evaluation report
On September 28, China's A-share major indices opened lower. Sectors such as shipping, pharmaceuticals, media, and daily chemicals gained, while non-ferrous metals, communication equipment, coal, and semiconductors declined. Several high-profile speculative stocks plunged, including Daea Timber, Inner Mongolia Xinhua, Jinjian Cereals, Aohong Electronics, Taimu, Nanhua Bio, and Tianwei Shixun. Xinhua Media hit its daily limit up for a fifth consecutive session after announcing a major asset restructuring plan to acquire Shanghai Interface Cailianshe Technology. The glass substrate concept strengthened, with Jinchen shares hitting a three-day limit up, following reports that Nvidia is evaluating glass substrate technology with German equipment maker SCHMID. The yellow wine sector was active, with Kuaijishan hitting the limit up. Huatai Securities forecast a volume-price logic restructuring for the yellow wine industry. Auto stocks rose briefly, led by Zhongtai Auto. The power sector was active, with Zhejiang New Energy up, after the National Energy Administration reported strong solar and wind capacity growth. Cybersecurity stocks rose, with Zhongxin Saike up. Precious metals fell, with Shandong Gold down over 9%, as spot gold dropped over 1.7% to near $4,200/oz. CPO stocks declined, with Aohong Electronics hitting the limit down after a nine-day seven-limit rally, following a risk warning about its Thailand production base.
Read sourceChina A-Share Market Falls; 600825 Hits 5-Day Limit-Up, Over 5 Million Buy Orders
On September 28, China's A-share market experienced a broad decline, with the Shanghai Composite Index falling 1.14%, the Shenzhen Component Index dropping 2.32%, and the ChiNext Index losing 3.1% as of press time. Over 4,400 stocks declined. Several high-profile momentum stocks plunged, including Dare Power Dekor, Inner Mongolia Xinhua, Jinjian Cereals, and others. In corporate news, Xinhua Media announced a major asset restructuring plan to acquire 100% of Shanghai Interface Cailianshe Technology Co., Ltd. via share issuance. The glass substrate concept was active early in the session, driven by reports that Nvidia is pursuing a glass substrate solution and collaborating with German equipment maker SCHMID, aiming for development within two years and potential implementation by 2028. The power sector showed resilience, with stocks like Zhejiang Zheneng, J&Y New Energy, and Dalian Thermal rising, supported by National Energy Administration data showing total installed power generation capacity reached 41.03 billion kilowatts by end-August, up 11.1% year-on-year. The precious metals sector declined, tracking lower spot gold prices. The CPO (Co-packaged optics) sector also fell, with Aohong Electronics, which had surged 7 times in 9 days, among the decliners.
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