A-shares opened higher on July 31, with the Shanghai Composite up 1%, the ChiNext Index surging over 6%, and more than 4,500 stocks advancing. Memory chip stocks rallied, led by Changxin Technology, which gained over 13% and pushed its market cap above RMB 4 trillion. Computing power leasing and CPO concepts also saw strong gains. In Hong Kong, the Hang Seng Index opened 0.72% lower while the Hang Seng Tech Index edged up 0.11%, with tech stocks mixed.
Changxin Technology (688825) listed on the STAR Market on July 27, 2026, raising approximately RMB 57.9 billion, the largest IPO on A-shares since 2026 and the largest on the STAR Market. On its debut, turnover hit a record RMB 141.187 billion, making it the first A-share stock to exceed RMB 100 billion in daily turnover and the most valuable company on the A-share market by market cap, surpassing RMB 4 trillion. On July 31, the stock rose further, gaining over 14% intraday to reach RMB 60.6 per share. The company focuses on DRAM products, with mass production of DDR4, DDR5, LPDDR4X, and LPDDR5/5X series.
Hengyin Technology's stock price jumped to its daily limit-up, sparking a rally in fintech stocks. Yingsheng, Yinxin Technology, Yinzhijie, Caifu Qushi, Zhinanzhen, and Tonghuashun rose rapidly in tandem, reflecting broad sector momentum.
Zhongji Xuchuang, a newly listed stock, rebounded on its second trading day, rising over 20% to a high of 1,178 yuan. The stock had closed below its IPO price on its debut, ending at 960 yuan, down 2% from the 980 yuan offer price. By 9:41 am, the stock was at 1,106 yuan, up 15.2%, with turnover exceeding 2.36 billion yuan. The company's public offering was oversubscribed 15.84 times, with 62,700 subscribers and a 70% allotment rate. The global offering of 54.5 million shares raised net proceeds of approximately 52.891 billion yuan.
Memory chip concept stocks opened sharply higher on July 31, 2026, with GigaDevice, Demingli, and Taiji Industrial hitting their daily limit up and a number of other stocks including Puran, Ingenic, Biwin, Longsys, and Dapu Micro also recording significant gains.
On July 30, A-share markets experienced volatile bottoming. The Shanghai Composite Index fell 0.62% to 3,804.69 points, while the Shenzhen Component dropped 2.73% and the ChiNext Index lost 3.97%. Total turnover on the Shanghai, Shenzhen and Beijing exchanges reached RMB 2.3584 trillion, up RMB 46.7 billion from the previous session. Banking stocks strengthened, with Industrial and Commercial Bank of China and China Construction Bank hitting new intraday highs. The consumer sector continued its rally, with baijiu, food and beverage, and auto stocks active. Technology stocks corrected sharply, dragging the ChiNext Index lower.
As A-share companies release their 2026 semi-annual reports, long-term investors including social security funds, QFIIs, and pension funds have emerged among the top 10 tradable shareholders of 26 firms. Notable additions include Goldman Sachs International, BNP Paribas, and UBS at Hongfa Co. , Ltd. , and UBS at CATL, which reported a 54.8% revenue rise to RMB 276.9 billion and a 41.98% net profit increase to RMB 43.3 billion. CATL also announced a RMB 20-40 billion share buyback plan. Hongfa posted a 32.05% revenue gain to RMB 11.0 billion and a 19.89% net profit rise.
China’s electronics industry profits soared 96.9% year-on-year in the first half of 2026, boosting overall industrial profit growth by 8.5 percentage points, with integrated circuit manufacturing up 2,579.5%. Memory chip maker ChangXin Technology listed on the STAR Market, ending its first day 466% higher with a 3.28 trillion yuan market value, surpassing ICBC as the top-valued A-share stock. A conference showcased a 100,000-card AI computing cluster, and executives discussed volatile server pricing, evolving CPU-to-GPU ratios, and the trend toward cloud-based AI delivered via mobile apps.
In the first half of 2026, China's charging and swapping service electricity consumption reached 81 billion kWh, up 56.9% year-on-year, while internet data service consumption hit 49.4 billion kWh, up 44%, together lifting total social electricity use by 0.9 percentage points, the National Energy Administration reported on July 30. As of end-June, total electric vehicle charging infrastructure stood at 23.057 million units, a 43.2% increase, including 5.009 million public units and 18.048 million private units. High-power charging guns exceeded 180,000, and county-level charging coverage reached 98.61%.
Microsoft shares surged 15.5% on Thursday, adding about $450 billion in market value—the largest single-day market-cap increase in global stock-market history. The gain exceeded Nvidia's previous record of $440 billion set in 2025 and marked the biggest percentage jump since October 2008. The rally followed fiscal fourth-quarter results showing Azure cloud revenue up 43% year-on-year in the fourth quarter of fiscal 2026, its fastest growth since early 2022. The one-day increase eclipsed the total market capitalization of about 96% of S&P 500 companies and surpassed the combined value of the index's 41 smallest members, including Domino's Pizza, Clorox, and Hasbro, as well as the entire stock markets of South Africa, Turkey, Finland, and Vietnam.
On July 30, major A-share indices declined, with the Shanghai Composite down 0.62% and the ChiNext plunging 3.97%, as growth sectors slumped. The banking sector bucked the trend, with Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) hitting record highs, reaching total market capitalizations of RMB 2.77 trillion and RMB 2.18 trillion, respectively. The sector's total market cap rose by about RMB 1.89 trillion in July to a record RMB 16.06 trillion.
Apple and Amazon will report earnings after the market close on July 30, 2026, with options market implied volatility above the historical median. Apple shares have risen 7% since the S&P 500's June 2 peak and are up 25% year-to-date, hitting repeated highs. In Apple options, over $634 million traded on Wednesday, with calls exceeding $470 million but net sentiment slightly bearish due to heavy seller positioning. Amazon options saw $615 million in volume, with puts dominant but net positive sentiment as traders sold rather than bought volatility. The earnings results are expected to determine whether the week's volatile trading ends on a stable note.
Micron Technology shares surged more than 13% to $838 per share, marking a notable gain in the session. The stock price jumped to that level, reflecting strong investor interest in the memory chip maker.
In the past month (July 1-30), 20 Beijing Stock Exchange (BSE) companies received institutional research visits. Fushida was the most followed, attracting 32 institutions. The surveyed companies fell an average of 8.21%, with only seven posting gains. Haosheng Electronics, Wande, and Tongling Technology rose 19.22%, 11.43%, and 9.72% respectively. The average market capitalization of surveyed companies was RMB 3.392 billion, higher than the BSE average of RMB 2.342 billion.
Technology stocks plunged in July 2026, with the STAR 50 Index closing at 1,588.41 points on July 30, a 30% retreat from its early-July high of 2,255.25 points. Electronic chemicals, semiconductor, and component sectors each fell about 7%. Over the past three trading days, net outflow of major funds from semiconductors, communication equipment, components, and optical and optoelectronic sectors neared RMB 100 billion. Previously hot sectors such as optical communication, AI computing, and semiconductor equipment saw the heaviest capital outflows, reversing significant gains.
On July 30, China's A-share bank sector rallied against a broader market decline, with all 42 listed bank stocks gaining. ICBC, CCB, and Bocom hit new year-to-date highs. The Shenwan Banking Index closed at 4,151.41 points, up 2.48%, recovering to its start-of-year level. The rally follows a weak first half of 2026 and ahead of interim earnings season.
The company's cloud platform Azure surpassed $100 billion in revenue for the first time in fiscal 2026. AI chatbot Copilot's paid seats exceeded 30 million, with a net addition of 10 million in the quarter. The company also recognized $3.2 billion in gains from AI firm Anthropic. Gross margin was compressed by product mix changes, but an accounting change extending the useful life of office and data center assets from 15 to 25 years partially offset the decline. The net addition of 10 million paid seats signals a shift from pilot projects to broader enterprise deployment. Shares rose 9% in premarket trading.
Zhu Yiming, the actual controller and founder of GigaDevice, sold 11.11 million shares for about RMB4.4 billion between May 6 and June 12. Following a peak of RMB846.66 on June 29, the stock slumped as ChangXin Technology’s listing drew investor focus. By July 29, the price had more than halved to RMB364.03, wiping out over RMB330 billion in market value. In response, Zhu announced a personal share purchase plan of at least RMB1 billion and proposed a company buyback of RMB1–2 billion, while pledging not to sell any remaining shares for 12 months.
Following the Politburo meeting on July 30, 2026, China's bond market strengthened. The 10-year government bond yield fell to 1.7075%, a new July low. Trading in 30-year active bonds surged, with ultra-long-term bond trades reaching 2,688 lots. The 30-year treasury futures contract rose 0.59% to RMB 115.39, the highest close since November 24, 2025. The Politburo reiterated a moderately accommodative monetary policy and called for faster fiscal spending and bond issuance. First-half special bond issuance totalled RMB 2.07 trillion, a 47% completion rate, suggesting accelerated third-quarter fiscal deployment.
Qualcomm reported its fiscal third-quarter results, with revenue falling 4% year over year to $9.95 billion and net income declining to $2 billion. The report triggered a sell-off, sending the company's shares down more than 5% in pre-market trading.
A-share major indices ended lower on July 30, with the STAR 50 Index plunging more than 5%. Total turnover reached 2.36 trillion yuan, expanding by 46.7 billion yuan from the previous trading day. Over 3,600 stocks declined. The Shanghai Composite Index fell 0.62%, the Shenzhen Component Index dropped 2.73%, and the ChiNext Index lost 3.97%. The consumer staples sector bucked the downtrend, led by food and beverage stocks. Zhongji Innolight recorded a historic turnover of 59.773 billion yuan, while Delight surged to the daily limit up.
Demingli (001309. SZ) hit the daily limit-up at 390.04 RMB on July 30, after Chairman Li Hu pledged not to reduce his 35.01% stake for 12 months from July 27, 2026. The company also forecast first-half net profit of 5.7 billion to 6.5 billion RMB. The stock had fallen sharply with seven limit-down days in the prior two weeks, following a record high of 980 RMB on June 29, when its market value topped 220 billion RMB. From September 2025 to end-June 2026, the stock had surged over 1,000%.
Chinese companies announced RMB 67.6 billion in stock buyback plans in July 2026, the largest such wave since the US tariff escalation in April 2025. CATL plans up to RMB 40 billion, and Foxconn Industrial Internet up to RMB 2 billion. The CSI 300 fell over 7% in July, its worst month since October 2022, while the STAR 50 dropped about 24%, its worst since its 2020 launch.
Education stocks rallied on July 30, with Chuanzhi Education hitting its fourth consecutive daily limit-up at 8.01 yuan, accumulating a 46.44% gain in four days. The Shenwan education index rose over 12% for the week, driven by the AI education theme, policy support, and industry demand. Stocks including Chuangye Black Horse, Kede Education, and Offcn Education also gained.
Yangtze Optical Fibre’s A shares fell over 7% and H shares over 9% on July 30, extending losses after a profit alert. Market capitalisation has eroded by over RMB 270 billion from June highs. The company’s half-year net profit is expected to surge 711% to 914%, but the rally stalled as early investors cashed out. The A-share price has dropped 56% from its June peak of RMB 600, while the H-share has fallen 67% from HK$287.6 to HK$95.15.
Fund companies surveyed 11 listed companies on July 29, with Shengtong Energy drawing the most attention as 12 funds participated. Chuanjinnuo and Shanghai Pharma were surveyed by six and five funds respectively. Among the 13 companies surveyed by institutions, funds covered 11. The surveyed firms spanned market boards, with most on the Shenzhen main board. In market performance, Chuanzhi Education rose 36.33% over the past five days, while Shengtong Energy fell 16.07%. Net capital inflows over the same period were positive for three stocks, led by Chuanzhi Education with RMB 69.28 million. Six companies have released first-half earnings forecasts, with one expecting a profit increase and one expecting a profit.
Seres Group's AITO M6 Pure Electric Max+ officially began deliveries at the Chongqing super factory on July 29. The company's H-share rose 7.33% to HKD 48.04 as of July 30, with turnover of HKD 158 million. The AITO M9 series saw over 42,000 large orders in its first month, while the M6 exceeded 30,000 cumulative deliveries in 54 days. Seres also unveiled its first humanoid robot, Xiaosai, with more embodied intelligent robots planned for release by 2026.
Yiheda's shareholder count fell for the third consecutive period to 30,583 as of July 20, a sequential decline of 8.04%. The stock price has dropped 16.67% since the latest decline, closing at 24.15 yuan on July 30. Margin financing balance fell 6.72% to 403 million yuan. In the first quarter, the company reported revenue of 746 million yuan (up 20.39%) and net profit of 129 million yuan (up 6.02%).
As of July 29, the total margin balance on China's A-share market stood at RMB 2.62 trillion, representing 2.72% of the free-float market capitalization. Among stocks eligible for margin trading, 143 had a margin balance exceeding 10% of their free-float market cap. Fujian Cement led with a ratio of 21.25%, followed by Kaiwei Te and Xinkai Technology at 19.78% and 19.08%, respectively. Stocks with high margin ratios had an average free-float market cap of RMB 56.14 billion, with 66 listed on ChiNext, 28 on the STAR Market, and 49 on the Main Board. The electronics, mechanical equipment, and electrical equipment sectors were most represented.
Zhongji Innolight debuted on the Hong Kong Stock Exchange at HK$971, down 0.9% from its IPO price of HK$980. The public offering was oversubscribed 15.84 times, attracting 62,700 subscribers with a 70% allotment rate for 50-share lots. The global offering of 54.5 million shares raised net proceeds of approximately HK$52.89 billion, making it the largest Hong Kong IPO since 2026.