Chinese shares ended their rally as they closed Wednesday's session with huge losses, with investors reassessing the effect of the string of stimulus released by authorities and the government's failure to put out more detailed measures.
The Shanghai Composite Index lost 6.6%, or 230.92 points, to finish at 3,258.86. The Shenzhen Component Index dropped 8.2%, or 937.29 points, to 10,557.81.
Sentiment soured as China's National Development and Reform Commission failed to mention big fiscal measures at a press briefing on Tuesday.
Traders are not satisfied with NDRC Chairman Zheng Shanjie's pledge to release 200 billion yuan for spending and investment and the planned introduction of a 2025 investment plan worth 100 billion yuan. Moreover, Zheng only mentioned that Beijing issued ultra-long special sovereign bonds worth 1 trillion yuan.
In corporate news, Jinyuan EP (SHE:000546) dropped 10% after electing Qiu Yongping as its chair.
Vanfund Urban Investment and Development (SHE:000638) slumped 9.9% despite announcing that it expects to realize a profit of about 4.5 million yuan from the completion of a debt sale.
Meanwhile, Ningbo Marine (SHA:600798) lost 7.6% following plans to build four 64,000-ton bulk carriers for 1.17 billion yuan.
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