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China Shares Fall on Escalating US-Iran Hostilities; Unisplendour Jumps 9%

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Chinese shares closed lower on Tuesday as the U.S.-Iran conflict continued to escalate.

The Shanghai Composite Index, the main gauge of Chinese stocks, closed 1.9% lower at 3,882.41. The Shenzhen Component Index plummeted 2.0% to 14,488.65.

U.S. forces have pressed ahead with a fifth day of attacks on Iranian targets, describing the campaign as an effort to weaken Iran's capability to strike vessels in the strategic Strait of Hormuz.

Citing unnamed sources, CNN reported that U.S. President Donald Trump is actively considering broadening the scope of the military action.

Meanwhile, Chinese President Xi Jinping is expected to outline the state's policy stance on artificial intelligence at his first attendance at the World Artificial Intelligence Conference in Shanghai. The event comes as Beijing prepares for Xi's meeting with Trump for their first government-level discussion on AI.

In company news, Unisplendour (SHE:000938) said it will dilute its stake in subsidiary Unisplendour Computer Technology amid a 440-million-yuan capital increase. Unisplendour will waive its pre-emptive subscription rights, reducing its stake to 29.42% from 51%. Shares of the semiconductor company jumped 9% Thursday.

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