On August 28, the GEM Index experienced a notable reversal, plummeting by over 1% in the afternoon session following a robust morning rally of more than 1.3%. In tandem, the Shanghai Composite Index exhibited minimal decline, edging down by a mere 0.02%, while the Shenzhen Component Index witnessed a more pronounced drop of 0.53%. The biotechnology and semiconductor sectors emerged as the primary drivers of the downturn, with a staggering decline observed across more than 2,400 stocks listed on the Shanghai, Shenzhen, and Beijing stock exchanges.