Equities dip as volatility erases gains

New-energy vehicles, sports, logistics, satellite firms face selling pressure

Stock prices declined on Wednesday amid growing profit-taking pressure and rising uncertainties over future market prospects.

The Shanghai Composite Index declined 3.06 percent or 104.65 points, to close at 3,320.68 points, while the Shenzhen Component Index tumbled 5.87 percent to close at 10,915.99 points. The ChiNext, the startup index that tracks the country's high-tech companies, suffered even heavier loss by dropping 6.63 percent.