{"text":[[{"start":5.5,"text":"Chinese technology shares tumbled on Thursday after “picks and shovels” suppliers to the AI boom were caught up in a global tech sell-off, putting mainland stocks on track for their worst month in a decade."}],[{"start":19.32,"text":"China’s CSI 300 index fell 1.1 cent on Thursday, dragged lower by heavy selling in businesses exposed to demand for AI data centre products. The index has fallen 8.6 per cent this month, its biggest drop since January 2016. China’s CSI AI index closed down 5.8 per cent."}],[{"start":40.08,"text":"The falls followed US tech earnings from heavy spenders on AI."}],[{"start":44.16,"text":"“Recent financial results from several major US tech giants fell short of market expectations, dampening optimism surrounding tech sector growth,” said Kenny Ng, a securities strategist at Everbright Securities International."}],[{"start":57.4,"text":"The decline in Chinese shares follows steep falls in other tech-heavy Asian markets led by South Korea, where the Kospi index has fallen almost 40 per cent since mid-June following a huge run-up in share prices."}],[{"start":70.24,"text":"It also marks a sharp reversal from market euphoria on Monday, when shares in CXMT, one of the country’s biggest chipmakers, rose 466 per cent on their first day of trading."}],[{"start":null,"text":"
"}],[{"start":81.52,"text":"China’s “national team” bought into the market ahead of CXMT’s initial public offering, helping boost Chinese indices even as other Asian markets dropped as a sell-off in AI suppliers gathered pace."}],[{"start":92.8,"text":"“If the national team is willing to take the load, funds will be happy to offload [to them]”, said Hao Hong, chief investment officer at hedge fund Lotus Asset Management."}],[{"start":93.3,"text":"The combined market capitalisation of Innolight, Eoptolink and Cambricon Technologies — three of mainland China’s top AI companies — fell by about $34bn on Thursday."}],[{"start":113.6,"text":"Innolight’s shares in Hong Kong also tumbled as much as 10 per cent on their first day of trading following a secondary listing."}],[{"start":119.92,"text":"“China AI stocks move quite in line with global AI stocks,” said Grace Tam, deputy chief investment officer for Asia at BNP Paribas Wealth Management."}],[{"start":129.48,"text":"Chinese tech giants Tencent and Alibaba were relatively unscathed, rising 1.2 per cent and falling 1.6 per cent respectively. But they have underperformed this year, both down about 25 per cent."}],[{"start":147.72,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1785403581_3973.mp3"}