China's CSI300 Extends Record 12-Week Losing Streak

China’s benchmark CSI300 index fell 1.4% on Friday, 30 October, closing near a one-year low and capping a 12-week slide that is the longest losing streak on record, RTHK reported, citing Reuters and Xinhua. The index has lost 15% over the 12 weeks and 8.5% in October alone, its biggest monthly decline in more than a decade.

The Shanghai Composite Index dropped 1.44% to 3,599.02 points, while the Shenzhen Component Index slid 2.73% to 10,833.78, according to a CCTV+ report carried by Bastille Post. Combined turnover across the two main indices rose to about 1.69 trillion yuan (about US$252 billion), from 1.56 trillion yuan in the previous session.

Tech and telecom shares lead losses

Technology and communications shares led the decline. The ChiNext Index tumbled 4.13% to 2,413.63, and the CSI 5G communications gauge fell 6.2%, RTHK said. Eoptolink Tech sank 14% on the day and is down about 50% for the month.

City News Service reported this week that Eoptolink’s third-quarter net profit rose 61% to 3.8 billion yuan on revenue up 80% to 10.9 billion yuan, while the company’s inventories stood at 17.4 billion yuan at end-September, up 141% from the end of 2025.

Coinpaper, citing Reuters, reported that the STAR 50 index has lost about 40% from its summer peak, wiping out roughly US$480 billion, and that state-backed investors were estimated to have bought up to US$25.5 billion of stocks earlier in the week.

Not every sector fell. Shipping, banking and food and beverage stocks gained, Bastille Post reported, while RTHK said consumer staples rose 2%.

Hong Kong bucks the trend

Hong Kong moved in the opposite direction. The Hang Seng Index rose 335 points, or 1.5%, to 23,294, on turnover of HK$214.32 billion, leaving it up 0.9% for the week. The Hang Seng China Enterprises Index added 1.4% to 7,862, and mainland property developers climbed 2.8%. The Hang Seng Tech Index edged up 0.3% to 3,754 but remains near its lowest level in two years, RTHK said.

Kenneth Fong, head of China internet research at UBS, argued that some Chinese internet stocks may already price in unusually pessimistic assumptions about future AI spending and profitability, Coinpaper reported.

CSI300 and selloff spreads across Asia

The losses on the mainland came as concerns over AI-related cash burn weighed on Alphabet, Amazon and Intel shares, RTHK reported. Elsewhere in Asia, Japan’s Nikkei fell 2.12% to 63,290, dragged by Advantest and Tokyo Electron, while South Korea’s Kospi dropped 3.48% to 5,730. The Kospi fell as much as 5.7% during the session, triggering a sidecar trading curb, and is down 16.2% for October.

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