Shanghai Composite Index falls below 3,900 points intraday! The coal sector defies the trend and rises.

Today (March 23), both the A-shares and Hong Kong stock markets opened lower, then further declined during the trading session, with the Shanghai Composite Index falling below 3,900 points.

The coal sector defied the trend and rose, becoming one of the market’s main bright spots.

Shanghai Composite Index briefly fell below 3,900 points during the session; the coal sector moved against the trend.

The A-share market opened significantly lower today, with the Shanghai Composite Index down 1.32% at the open, dropping over 50 points. The Shenzhen Component Index opened down 1.78%, and the ChiNext Index opened down 1.54%.

After entering the continuous trading phase, the A-share market further declined, with the Shanghai Composite Index briefly breaking below the 3,900-point mark, and the ChiNext Index falling below 3,300 points.

The non-ferrous metals, comprehensive, communications, and electronics sectors led the declines at the open, with non-ferrous metals dropping over 3%. Several gold stocks in this sector were heavily hit, with Chifeng Gold opening limit down.

The coal sector defied the trend and strengthened, becoming one of the main bright spots in the market. As of the time of writing, many stocks in the sector gained over 5%, with Liaoning Energy hitting the daily limit.

Hong Kong stock market opened lower; Chifeng Gold Hong Kong stocks plunged over 25%.

The Hong Kong market opened lower, with the Hang Seng Index down 1.93% at the open and the Hang Seng Tech Index down 1.9%. Subsequently, these indices further declined.

As of the time of writing, the Hang Seng Index was down about 3% during the session. Among the constituent stocks, China Hongqiao plunged over 9%, Lao Pu Gold dropped over 8%, and Zijin Mining, Luoyang Molybdenum, China Life, WuXi Biologics, and others fell more than 5% during the session. Geely Auto and China National Offshore Oil Corporation (CNOOC) rose against the trend.

Among the stocks eligible for Southbound Trading, Chifeng Gold Hong Kong stocks plunged, with a drop of over 25% during the session. Guo Xia Technology surged, with an increase of over 12%.

Guo Xia Technology announced its annual results last Friday evening, stating that by December 31, 2025, the company’s revenue, net profit, and net cash flow from operating activities had all increased by over 100% compared to the year ending December 31, 2024, showing significant growth. The announcement attributed the substantial increase in earnings mainly to the explosion of the global energy storage market: the rapid growth of multi-scenario energy storage applications, rising demand for grid frequency regulation services, and fast development of AI computing infrastructure.

According to the data, Guo Xia Technology mainly engages in the manufacturing and sales of energy storage products and systems, as well as providing EPC (Engineering, Procurement, Construction) services and other related services.

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