A shares plunge in morning session: ChiNext drops 4.32%, over 4,800 stocks fall
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China's A-share markets experienced a broad sell-off in morning trading on September 23, 2024, with the ChiNext Index (创业板指) leading declines at -4.32%. The Shanghai Composite fell 1.74%, the Shenzhen Component dropped 3.37%, and the STAR 50 lost 4%. Total turnover reached 1.1704 trillion yuan, up 92.4 billion from the previous session, with over 4,800 stocks declining. Sector-wise, auto manufacturing, small home appliances, and pork stocks gained, while CPO (co-packaged optics), electronic components, copper cable high-speed connectors, fiber optics, and precious metals suffered heavy losses. Notable gainers included Jianghuai Auto and Zhongtai Auto (touching daily limits), Joyoung (limit up), and Dongrui (limit up). On the downside, multiple CPO and component stocks hit limit-down, including Hengtong Optic-Electric, FiberHome Telecommunication, and Kechuan Tech. The report attributes auto sector strength to the year-end sales push with over 50 new models launched since September and over 30 brands offering promotions, plus local auto purchase subsidies up to 5,000 yuan per vehicle. Small appliance gains are linked to a China-Guinea investment cooperation promotion event in Beijing. Vaccine sector interest follows the 27th DCVMN annual meeting in Beijing, highlighting Chinese vaccine companies' shift from product export to embedding R&D and manufacturing capabilities into local health systems abroad.
Source report
Shanghai, China — A-share三大指数 experienced a collective decline during morning trading on [date], with broad-based losses across most sectors.
Key Index Performance (as of midday close)
| Index | Change | |-------|--------| | Shanghai Composite | -1.74% | | Shenzhen Component | -3.37% | | ChiNext Index | -4.32% | | Beijing Stock Exchange 50 | -2.17% | | STAR 50 (Sci-Tech) | -4.00% |
Market Activity
- Total turnover: 1.1704 trillion yuan, up 92.4 billion yuan from the previous trading day
- Declining stocks: Over 4,800 stocks fell across the market
Sector Performance
Gainers
- Automobile manufacturing: Rose steadily; Jianghuai Automobile and Zhongtai Automobile hit the daily limit. BAIC BluePark, Ankai Bus, and Dongfeng Motor also posted gains.
- Small home appliances: Selective activity; Joyoung hit the daily limit. Hongzhi Technology, Bear Electric, and Oulun Electric rose.
- Pork sector: Recovered from early losses; Dongrui Shares hit the daily limit. Muyuan Foods, Huatong Shares, and Tiankang Biological advanced.
Losers
- CPO (Co-packaged optics): Heavy losses; Hengtong Optic-Electric, FiberHome Telecommunication, and Kechuan Technology among multiple stocks hitting the daily limit. Over ten stocks, including Oat Technology, Fuxin Technology, and Changguang Huaxin, fell more than 10%.
- Components: Weak performance; Taijing Technology, Aihua Group, and Aohong Electronics hit the daily limit. Xunjiexing, Mankun Technology, and Founder Technology led declines.
Daily Limit Leaderboard
- 5 consecutive limits: Xinhua Media
- 3 consecutive limits: Fujian Cement, Jinchen Shares, Xuelong Group
- 2 consecutive limits: Xiangyang Bearing
Net Capital Inflows by Sector
- Battery swap concept: Net inflow of 906 million yuan; 1 stock hit daily limit, 18 stocks rose
- Dental care: Net inflow of 324 million yuan; 4 stocks rose
- Pork: Net inflow of 292 million yuan; 1 stock hit daily limit, 12 stocks rose
Market Highlights
Automobile Manufacturing
Stocks to watch: Zhongtai Automobile, Jianghuai Automobile, Ankai Bus
Catalyst: The auto market has entered its most critical year-end sales push. Since September, over 50 new models have been launched, ranging from 60,000 yuan entry-level cars to 500,000 yuan flagship models. Meanwhile, more than 30 auto brands have launched limited-time promotions, and multiple regions have simultaneously rolled out auto purchase subsidies, with direct subsidies of up to 5,000 yuan per vehicle.
Small Home Appliances
Stocks to watch: Joyoung, Hongzhi Technology, Bear Electric
Catalyst: A Guinea investment cooperation promotion conference was recently held in Beijing, co-organized by the Embassy of the Republic of Guinea in China, the China Overseas Development Association, and the Cixi Smart Home Appliance Industry Innovation Service Complex. This marks another major step in China-Guinea economic and trade cooperation following Guinea's Derui Group's visit to Cixi for the Cixi Home Appliance Exhibition in March. The Cixi complex organized over 10 enterprises to attend and engage with Guinea on investment policies and projects.
Biological Vaccines
Stocks to watch: Livzon Group, CanSino Biologics, Haixiang Pharmaceutical
Catalyst: The 27th Annual Meeting of the Developing Countries Vaccine Manufacturers Network (DCVMN) was held in Beijing from September 22–24. Founded in 2000, DCVMN comprises over 40 vaccine manufacturers from 17 developing countries. Member companies contribute more than 60% of global vaccine output, supplying products to over 170 countries and regions. The network's global standing makes the choice of meeting venue a significant indicator. During the conference, multiple Chinese vaccine companies shared case studies showing that their overseas expansion is shifting from simply exporting products to embedding R&D, quality control, manufacturing, and supply capabilities into local public health systems.
Source: Tonghuashun
Source
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**China A-shares plunge: ChiNext drops 4.53%, over 4,500 stocks decline on September 28**