The ChiNext Index was down Wednesday as 42 of the 66 stocks at China's start-up board for small and medium-sized enterprises declined.
Chinese equities rose slightly Wednesday with the benchmark gauge up 0.16 percent, but heavyweights in energy, real estate and financial stocks posted widespread losses.
Chinese dairy products maker Taizinai, which counts Goldman Sachs and Morgan Stanley among its investors and Citigroup among its lenders, has collapsed, leaving 3 billion yuan ($440 million) in debt, the South China Morning Post reported on Wednesday.
Small-cap shares on the A-share market suffered their biggest loss in three months on Tuesday in volatile trade as profit-taking by investors led to capital outflows.
Hong Kong stocks closed down 34. 64 points, or 0.16 percent, at 22,103.53 Tuesday.
The ChiNext stock market was down Tuesday as only 1 of the 66 stocks at China's start-up board for small and medium-sized enterprises rose.
Bargain hunters pushed Chinese equities to edge up Tuesday, led by energy and financial large caps.
Copper jumped to the highest price since August 2008 in London after imports by China surged in March on rising seasonal demand.
Hong Kong stocks closed down 70. 33 points, or 0.32 percent, at 22,138.17 Monday.
The ChiNext stock market was up Monday as 49 of the 66 stocks at China's start-up board for small and medium-sized enterprises rose.
Chinese equities edged down on Monday, led by weak financial and property heavyweights.
Most publicly traded Chinese firms have so far posted encouraging first-quarter results, indicating that the nation's economy is moving in the right direction, analysts said, predicting that this will cheer up the tepid stock market.