The Shanghai Composite fell 1.5% to 3,602 on Friday, while the Shenzhen Component declined 2.1% to 11,118, with both benchmarks touching their lowest levels in more than two months as sharp losses in semiconductor and technology shares dragged the market lower. The downturn echoed a broader selloff across Asian equities following overnight declines on Wall Street, where growing doubts over the durability and prospective returns of artificial intelligence investments weighed heavily on tech stocks.
In China, MiniMax Group Inc. and Z.AI Co. have together shed about $150 billion in market value from their respective peaks amid escalating competition and the likelihood of new rival listings. Anticipated IPOs by DeepSeek and Moonshot AI could further siphon investor capital away from MiniMax and Zhipu, two of the few pure-play AI companies currently listed in China.
Among the notable losers were Cambricon Technologies (-3.7%), SMIC (-2.9%), Zhongji Innolight (-3.6%), Eoptolink Technology (-6.1%) and NAURA Technology (-1.9%).
