In November, the Chinese equity market showed significant volatility, with a pattern of early gains followed by a pullback. Small-cap stocks continued to outperform large-cap stocks. The MSCI China, MSCI China A Onshore and MSCI China All Share Indices declined by 4.5%, 1.5%, and 3.3%, respectively. Although the market was down overall, there were some positive sectors including banks, other financials and telecommunications.

In October, the Chinese equity market saw mixed performance across indices, with small-cap stocks continuing to outperform large-cap stocks. Major indices, which are primarily dominated by large-cap stocks, all experienced corrections. Market sentiment fluctuated between optimism and caution, as onshore "hot money" flowed into the market, while some institutional investors remained on the sidelines, waiting for further policy clarity.

In September 2024 the Chinese equity markets experienced a substantial rebound. Driven by favourable policy measures, market sentiment was notably boosted. Among sectors, real estate, internet, and financials were the top performers, rising by 25.1%, 22.1% and 15.6%, respectively. The real estate sector led the gains, largely benefiting from various government measures aimed at stabilising the property market.