<div id="readability-page-1"><div>The PBOC kept the Loan Prime Rate (LPR) unchanged for the 12th consecutive month, with the one-year and five-year LPR at 3% and 3.5% respectively in May. The RMB central parity against USD was set at 6.8397, down 22 bps MoM. Today (20th), the PBOC conducted RMB50 billion of seven-day reverse repos in the open market at an unchanged rate of 1.4%. With RMB0.5 billion maturing, the single-day net injection amounted to RMB49.5 billion. Chinas three major A-share indices opened 0.4% to 0.5% lower and moved divergently in early trading.At midday, the Shanghai Composite Index fell 18 points, or 0.5%, to 4,150, with turnover of RMB886.764 billion. The Shenzhen Component Index declined 57 points, or 0.4%, to 15,512, with turnover of RMB1.02 trillion. The ChiNext Index edged up 2 points to 3,910, with turnover of RMB479.08 billion. The STAR 50 Index rose 2% to a fresh high.Among financials, ICBC (601398.SH) -0.090 (-1.240%) and CCB (601939.SH) -0.020 (-0.201%) fell 1.2% and 0.2% respectively. CHINA LIFE (601628.SH) -0.290 (-0.835%) declined 0.8%, while CHINA PACIFIC INSURANCE (601601.SH) -0.440 (-1.305%) dropped 1.3%. BYD Company (002594.SZ) -2.060 (-2.146%) slid 2.2%, whereas CONTEMPORARY AMPEREX (300750.SZ) +2.580 (+0.617%) gained 0.6%.A-share new stock king SEMIGHT INSTRUMENTS (688808.SH) +123.050 (+8.790%) surged 8.8% to RMB1,523.01, with turnover of RMB4.072 billion and a total market capitalization of RMB156.362 billion. KWEICHOW MOUTAI (600519.SH) -5.230 (-0.395%) fell 0.4% to RMB1,319.07, with turnover of RMB3.856 billion and a total market capitalization of RMB1.65 trillion.Chip stocks performed strongly. SMIC (688981.SH) +10.630 (+8.946%) jumped nearly 9%, while HUA HONG (688347.SH) +16.260 (+10.859%) climbed 10.9%.AI chipmaker CAMBRICON (688256.SH) +50.890 (+3.858%) rose 3.9%. Domestic GPU plays METAX (688802.SH) +36.100 (+4.795%) and MOORE THREADS (688795.SH) +9.810 (+1.370%) gained 4.8% and 1.4% respectively. LQKJ (688008.SH) +7.980 (+3.229%) advanced 3.2%. YANGTZE OPTICAL FIBRE (601869.SH) -6.160 (-1.548%) slipped 1.6%. Memory chipmaker GIGADEVICE (603986.SH) +34.290 (+8.476%) increased 8.5%. (jl/da)(A Shares quote is delayed for at least 15 mins.)</div></div>

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The Shanghai Composite Index fell 0.5% to 4,150, while the STAR 50 Index rose 2% to a new high. The PBOC maintained the Loan Prime Rate unchanged for the 12th month. SMIC surged nearly 9%, and other chip stocks also performed well. Major financial stocks like ICBC and CCB saw slight declines. Overall, A-share indices showed mixed performance amid significant trading volumes.

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Shanghai Composite Falls 0.5% at Midday; STAR 50 Rises 2% to Fresh High; SMIC  Surges Nearly 9%