Shanghai Stocks Hit 10-Year High While Hong Kong Crypto ETFs Sink
The post Shanghai Stocks Hit 10-Year High While Hong Kong Crypto ETFs Sink appeared on BitcoinEthereumNews.com.
Shanghai’s benchmark index surged to its highest close in a decade on Monday, as Chinese investors piled into energy, gold, and defense stocks in the wake of the Iran conflict — further underscoring why Chinese capital continues to flow away from crypto markets. The rally, combined with Beijing’s tightening grip on domestic liquidity ahead of this week’s National People’s Congress, narrows the already slim chances that Chinese capital will find its way into crypto anytime soon. A Tale of Two Markets The Shanghai Composite Index closed up 0.5% at 4,182.6 points on March 2, its highest since June 2015, even as most Asian markets buckled under geopolitical pressure. China’s blue-chip CSI300 gained 0.4%. The rally was driven by a surge in energy and safe-haven plays. Shares of CNOOC, PetroChina, and Sinopec all climbed sharply after oil prices posted their biggest jump in four years. An index tracking Chinese gold stocks soared 7%, while defense names also advanced. Shipping stocks, including Nanjing Tanker and COSCO Shipping, hit their daily 10% limit up. Meanwhile, Hong Kong — the only regulated gateway for Chinese investors seeking crypto ETF exposure — told a different story. The Hang Seng Index dropped more than 2% to a two-month low, with tech, healthcare, and tourism among the hardest-hit sectors. Hong Kong-listed crypto ETFs fell across the board, with ChinaAMC Bitcoin ETF (3042.HK) down 2%, Bosera HashKey Bitcoin ETF (3008.HK) off 2.3%, and Harvest Bitcoin Spot ETF (3439.HK) losing 2.4%. Ether ETFs also declined. Why This Matters for Crypto The divergence between Shanghai and Hong Kong highlights a structural problem for crypto adoption among Chinese capital pools. Mainland Chinese investors remain barred from directly accessing Hong Kong’s spot Bitcoin and Ethereum ETFs. Potential pathways — including the QDII program and the Cross-boundary Wealth Management Connect scheme in the…
Filed under: News - @ March 2, 2026 11:19 am