On September 23, China's A-share market saw its three major indices collectively fall in early trading, with the Shanghai Composite Index down 0.23%, the Shenzhen Component Index down 0.45%, and the ChiNext Index down 0.53%. The real estate sector surged again, with Vanke A hitting its daily limit, and Myhome and China Enterprise among others following suit. CRO, glass substrate, and PCB concept stocks bucked the trend to rise, with Shanghai OPM Biosciences and SinoMind Bioscience up over 11%, Vazyme Biotech up over 10%, and Mankun Technology up over 10%.

In Hong Kong stocks, the Hang Seng Index fell 0.89%, and the Hang Seng Tech Index dropped 0.88%, as heavyweight tech stocks pulled back, with Alibaba down nearly 4% and Tencent down over 2%. Memory chip stocks were active, with Montage Technology and GigaDevice among others rising, driven by overnight gains in US stocks where SanDisk rose over 6% and Micron Technology gained 5%.