Chinese profits rose 25.7%. The CSI 300 fell 9% and the Star 50 fell 29%

Onshore-listed Chinese firms posted a 25.7% profit rise in the three months to June, the fastest in nearly five years, driven mainly by AI-linked companies. The CSI 300 fell about 9% and the Star 50 dropped 29% as investors viewed AI spending as a cost. UBS Securities reported 42% profit growth on ChiNext and 370% on the Star board, while a stronger yuan generated 107 billion yuan of exchange losses for non-financial A-share firms.