The CSI 300 recorded its 12th consecutive weekly decline, its longest losing streak since its launch. The index fell approximately 15% over 12 weeks and 8.5% in October, driven by concerns about the profitability of heavy artificial intelligence investment. Semiconductor stocks and suppliers of data-centre components were particularly affected, while the Hang Seng rose 1.5% on Friday. Despite weakness in equities and property, there is no evidence that Chinese investors are moving savings into bitcoin or stablecoins. Crypto activity nevertheless persists in China through peer-to-peer exchanges and over-the-counter intermediaries, within a regulatory framework that remains restrictive.
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