{
  "id": 17191013,
  "title": "China stocks slip, set for 12th straight weekly loss on AI-led selloff",
  "url": "https://urgent.news/2026/10/30/china-stocks-slip-set-for-12th-straight-weekly-loss-on-ai-led-selloff",
  "topic": "ai",
  "section": "AI",
  "published": "2026-10-30T06:13:27.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40446667/china-stocks-slip-set-for-12th-straight-weekly-loss-on-ai-led-selloff"
  },
  "original_language": "en",
  "account": "Shanghai's blue-chip shares slid on Friday, setting the stage for a 12th consecutive weekly decline on Wall Street due to a global sell-off in AI-related stocks, although Hong Kong's internet companies managed to avoid the downward trend. The China Securities Index CSI300 fell by 0.4% to its lowest level in a year by midday, while the Shanghai Composite Index dropped by 0.3%. The Hong Kong-listed Hang Seng Index, however, managed to rise by 1.6%. For the week, the CSI300 Index dropped 0.9% and by 7.6% for the month, on track for its biggest monthly decline since July. Over the past 12 weeks, it has lost 14%, marking the longest losing streak ever recorded. AI-linked shares on the mainland led the declines following overnight losses in New York and other Asian markets. Alphabet, Amazon, and Intel's shares all experienced a decline due to concerns over AI cash burn. SK Hynix, a leading memory chip manufacturer, saw its shares decrease by more than 7%. The tech-focused STAR50 index, which is based in Shanghai, also fell by 1.8%. Despite the broader market slide, shares of Chinese optical module producer Eoptolink Tech fell by nearly 8% and were down 46% this month. On the positive side, consumer staples shares in Hong Kong rose by 1%. Tech giants listed in Hong Kong rebounded, increasing by 1.4%, although the index still hovers near its lowest level in two years. Kenneth Fong, head of China internet research at UBS, noted that at valuations of 10-11 times price-to-earnings after accounting for new AI investments, some stocks are increasingly treating the spending peak as a permanent earnings burden, while assigning limited value to normalisation of future cash flows or successful AI monetisation.",
  "summary": "SHANGHAI: China’s blue-chip shares edged lower on Friday and were headed for a 12th consecutive weekly loss, as a global selloff in AI stocks weighed on sentiment, though Hong Kong-listed internet companies bucked the trend. China’s blue-chip CSI300 Index dropped 0.4% to a one-year low by the lunch break, while the Shanghai Composite Index lost 0.3%. Hong Kong benchmark Hang Seng was up 1.6%. The…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}