The tech-heavy STAR50 index, which tracks chip and AI firms such as SMIC and Cambricon, fell 40% from its July peak in less than four months, wiping out $480 billion. The index, which was driven largely by retail investors, reached valuations of nearly 250x earnings at the peak of the rally.
Specific losses include a combined $150 billion from AI model companies MiniMax and Zhipu. Robot maker Unitree has lost 50% of its value since its August listing, while optical parts manufacturers Zhongji Innolight and Eoptolink are down approximately 60%.