Tech Stocks Pull Down China Equities; Avary Holding Falls 5%

MT Newswires Live

Yesterday

Chinese shares closed lower Monday amid renewed debate over artificial intelligence development, with tech stocks leading the decline.

The Shanghai Composite Index, the main gauge of Chinese stocks, ticked down 0.1% to 3,885.33. The Shenzhen Component Index slid 0.6% to 13,384.57.

The SSE STAR 50 Index (SHA:000688), the benchmark for the 50 largest science and technology companies on the Shanghai bourse, fell 1.6%.

Anthropic CEO Dario Amodei recently urged artificial intelligence companies to slow model development, warning of risks including loss of control over AI systems, misuse for cyberattacks and bioterrorism, and potential serious economic disruption. He stressed the need for "adequate time to align and safeguard" AI models in a recent essay.

In response, China-backed The Global Times argued that Amodei's essay was really aimed at curbing China's AI progress through technological barriers and regulatory monopolies, preserving U.S. dominance in technology, and excluding China from global AI governance.

In company news, Avary Holding Shenzhen (SHE:002938) said its board approved a merger by absorption between two wholly owned Huai'an subsidiaries. Shares of the printed circuit board manufacturer fell 5% Monday.

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The Shenzhen Component Index slid 0.6% to 13,384.57.</p><p>The SSE STAR 50 Index (SHA:000688), the benchmark for the 50 largest science and technology companies on the Shanghai bourse, fell 1.6%.</p><p>Anthropic CEO Dario Amodei recently urged artificial intelligence companies to slow model development, warning of risks including loss of control over AI systems, misuse for cyberattacks and bioterrorism, and potential serious economic disruption. He stressed the need for \"adequate time to align and safeguard\" AI models in a recent essay.</p><p>In response, China-backed The Global Times argued that Amodei's essay was really aimed at curbing China's AI progress through technological barriers and regulatory monopolies, preserving U.S. dominance in technology, and excluding China from global AI governance.</p><p>In company news, Avary Holding Shenzhen (SHE:002938) said its board approved a merger by absorption between two wholly owned Huai'an subsidiaries. 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