China’s A-share market rallied and then weakened on Aug. 28 as capital rotated rapidly into cybersecurity, computing-power hardware, AI applications and related technology themes. The ChiNext and STAR indexes briefly gained more than 1%, with the ChiNext up more than 1.3% at one point, before the Shenzhen Component and ChiNext turned negative. At midday, the Shanghai Composite was up 0.08% at 3,959.64 points, the Shenzhen Component was down 0.14% at 14,029.83, the ChiNext was down 0.32% at 3,462.07 and the STAR Composite was down 0.54% at 1,963.41. A separate market-structure account reported the Shanghai Composite opening 0.16% lower and the ChiNext opening 0.57% lower, reflecting differing points in the volatile morning session. Combined Shanghai and Shenzhen turnover reached 1.42 trillion yuan, up 71.6 billion yuan, or approximately $10.7 billion, from the previous session, while nearly 3,300 stocks across the Shanghai, Shenzhen and Beijing exchanges advanced at one point. Hong Kong’s Hang Seng Index and Hang Seng Tech Index initially fell before recovering unevenly; they were down 0.14% and up 0.09%, respectively, as most Chinese internet stocks strengthened while chip shares retreated. Agriculture, PTFE, cybersecurity, computing-power leasing, liquid-cooled servers, printed circuit boards, CPO and AI office software were among the stronger themes, while precious metals, coal, vaccines and some other previously popular sectors weakened. Analysts described the market as range-bound and in a stock-game phase, with technology-rally sustainability dependent on trading volume, policy catalysts and the market’s ability to absorb selling through margin outflows, ETF redemptions and institutional position cuts.