Shanghai Stocks Hit 10-Year High as Hong Kong Crypto ETFs Slide

The Shanghai Composite closed up 0.5% at 4,182.6 points on March 2, its highest finish since June 2015, as investors rushed into energy, gold and defense shares after the Iran conflict. CNOOC, PetroChina and Sinopec climbed sharply following a big jump in oil prices, an index of Chinese gold stocks jumped 7%, and several defense and shipping names hit daily 10% limits.

Hong Kong moved in the opposite direction: the Hang Seng fell more than 2% to a two‑month low, with tech, healthcare and tourism among the hardest hit. Hong Kong‑listed crypto ETFs slipped across the board — ChinaAMC Bitcoin ETF (3042.HK) fell 2%, Bosera HashKey Bitcoin ETF (3008.HK) lost 2.3% and Harvest Bitcoin Spot ETF (3439.HK) dropped 2.4% — and Ether ETFs also declined.

Five weeks of global crypto fund outflows, totaling $4 billion, have further dimmed the case for Chinese inflows.

China, Shanghai, Hong Kong

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