China stocks slip on new energy losses

The Shanghai Composite fell 0.4% to 3931 while the Shenzhen Component dropped 0.76% to 12,981 on Thursday, with mainland equities closing at one-month lows as profit-taking hit high-flying new energy names.

Steep losses were seen in Tianqi Lithium (-2%), Guangzhou Tinci Materials (-1.2%), Ganfeng Lithium (-1.9%) and Do-Fluoride New Materials (-10%).

Contemporary Amperex also slid 3% as its Hong Kong-listed shares fell more than 6% following the expiration of its lock-up period, sparking heavy profit-taking.

Meanwhile, China’s central bank kept its one- and five-year loan prime rates at 3% and 3.5%, respectively, for the sixth straight meeting, signaling no immediate policy easing.

In other news, Beijing is reportedly considering new measures to shore up the struggling property sector amid concerns that further weakness could destabilize the financial system.