China’s small-cap stocks have touched a two-and-a-half-year low as investors lose appetite for speculative bets on frothy sectors such as technology.
IT makes up almost 40 per cent by market capitalisation of the Shenzhen-based ChiNext exchange, which was launched in 2009 and modelled on Wall Street’s Nasdaq as a home for start-ups in emerging sectors.
The Shanghai bourse, in contrast, is weighted towards old-economy stalwarts such as banks, property developers and manufacturers.
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