On November 21st, 2025, Asia-Pacific stock markets were lackluster, with A-shares plummeting, as nearly 5100 stocks turned green and major indexes collectively tumbled significantly. The Shanghai Composite Index fell by 2.45%, dropping below 3900 points.
By the closing bell, the Shanghai Composite Index dropped by 2.45% to 3834 points, breaching the 3900 mark; the Shenzhen Component Index fell by 3.41% to 12538.07 points; the ChiNext Index representing growth stocks plunged by a whopping 4.02% to 2920.08 points; the CSI 50 Index fell by 4.71%, while the Shanghai and Shenzhen 300 Index dropped by 2.44%, the CSI 800 Index by 2.71%, the CSI 500 Index by 3.46%, and the CSI 1000 Index by 3.72%.
Out of 5072 listed stocks, 354 experienced gains, with only 18 remaining unchanged since April 7th (106 stocks), while 99 stocks hit the limit down and 33 stocks hit the limit up. The total trading volume in Shanghai and Shenzhen amounted to 1.97 trillion yuan, an increase of 257.5 billion yuan compared to the previous trading day.
In terms of sectors, industries like CSSC and some conceptual sectors saw the highest gains; while lithium mining, titanium dioxide, lithium lake extraction, energy metals, minor metals, and non-ferrous metals were among the top sectors facing declines.
According to reports from Caifeng News Agency, the market experienced another heavy sell-off, with nearly all major indexes closing with bearish patterns, particularly the ChiNext Index, which plummeted by over 4%. The trading volume on both exchanges again approached 2 trillion yuan. Analyzing individual stocks, over 5000 stocks were in the green, including nearly a hundred ST stocks that hit the limit down, and over 450 stocks dropped by more than 7%, signaling a concentrated release of short-term panic. Looking at major classification indexes, the Shanghai Composite Index, which had previously shown resilience against declines, broke below its 60-day moving average with a downward gap, and if it fails to recover next week and stay above the 60-day moving average, the upward trend since early April may be at risk of being broken.
Tang Hewen, the General Manager of Galaxy Securities on Jiangnan Avenue, stated that the Science and Technology Innovation Index, the Small and Medium Enterprises Index, the ChiNext Composite Index, the Shenzhen Composite Index, and the Average Stock Price Index all dropped through gaps, breaking through the October low and the 90-day moving average, signaling an accelerated phase of year-end adjustments, with risk avoidance being the best strategy.
Debon Securities believes that the market sentiment remains cautious, focusing on future domestic and international economic data. With the market showing continued weakness in the short term due to factors like the downward revision of the expectations of a Fed rate cut, it may persist in a volatile pattern of “weight protection + structural themes”.
Li Daxiao, Chief Analyst at Dongguan Securities, Director of Yingda Securities Research Institute, and Chief Economist, warned on Weibo, “It may be time to stabilize the market: A-shares are witnessing a unique situation with over 5000 stocks waiting to rise and nearly a hundred stocks hitting the limit down, stabilizing the market becomes essential to protect retail investors.”