China Stocks Head for Mixed Weekly Finish

2026-07-03 02:00 By Czyrill Jean Coloma 1 min. read

The Shanghai Composite edged up 0.1% to around 4,031 on Friday, while the Shenzhen Component gained 0.6% to 15,586, with the benchmarks headed for a mixed weekly performance as technology stocks remained a key drag on sentiment.

While investors remain convinced of the long-term growth potential of artificial intelligence, concerns have grown that valuations may have outpaced fundamentals amid escalating investment costs and intensifying competition across the industry, keeping the sector under pressure.

Chinese technology shares were among the biggest laggards, led by NAURA Technology (-6.2%), Huagong Tech (-1.8%), and Victory Giant Technology (-3.5%), as well as semiconductor names GigaDevice Semiconductor (-3.7%) and SMIC (-0.4%).

In contrast, notable gainers included energy stocks such as PetroChina (1.5%) and CNOOC (1.2%), alongside BYD (2.9%), Midea Group (3.3%), and Luxshare Precision Industry (4.6%).



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China Stocks Head for Mixed Weekly Finish
The Shanghai Composite edged up 0.1% to around 4,031 on Friday, while the Shenzhen Component gained 0.6% to 15,586, with the benchmarks headed for a mixed weekly performance as technology stocks remained a key drag on sentiment. While investors remain convinced of the long-term growth potential of artificial intelligence, concerns have grown that valuations may have outpaced fundamentals amid escalating investment costs and intensifying competition across the industry, keeping the sector under pressure. Chinese technology shares were among the biggest laggards, led by NAURA Technology (-6.2%), Huagong Tech (-1.8%), and Victory Giant Technology (-3.5%), as well as semiconductor names GigaDevice Semiconductor (-3.7%) and SMIC (-0.4%). In contrast, notable gainers included energy stocks such as PetroChina (1.5%) and CNOOC (1.2%), alongside BYD (2.9%), Midea Group (3.3%), and Luxshare Precision Industry (4.6%).
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The Shanghai Composite slid 2.03% to close at 4,029 on Thursday, snapping a three-day winning streak, while the Shenzhen Component slumped 3.85% to 15,499, extending losses from the previous session. Both benchmarks were pressured by a broad selloff in technology stocks as investors reassessed the sustainability of the recent AI-driven rally amid concerns that valuations had risen too quickly. Sentiment was also weighed down by reports that Apple is in talks to source memory chips from Chinese manufacturers ChangXin Memory Technologies (CXMT) and Yangtze Memory Technologies Co. (YMTC), a move that could attract scrutiny from US policymakers amid heightened tensions between Washington and Beijing over advanced technology. Among the worst-performing technology stocks were Cambricon Technologies (-7.63%), SMIC (-6.72%), Hygon Information Technology (-7.89%), Zhongji Innolight (-6.55%), Eoptolink Technology (-11.56%), NAURA Technology (-10.0%), and Victory Giant Technology (-6.35%).
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