Shanghai’s Star 50 index has plummeted nearly 40% in 2026, making it the world’s worst-performing major tech gauge. Chinese firms with overseas revenue exposure gained 36% this year, while domestically-focused peers managed just 9%. MetaX shed roughly 50% of its value, Kuaishou dropped 51%, and SenseTime fell 40%. Foreign investors are pulling money out of A-shares as the sector faces intense domestic competition and stretched valuations. The divergence underscores the growing split between Chinese companies integrated into global AI supply chains and those entirely dependent on the home market.
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