This year’s stunning rise in Chinese share prices experienced a dramatic shift in fortune yesterday, with the Shanghai market recording one of its steepest declines in 15 years.

The speed at which many stocks have risen to dizzying valuations has prompted concerns that the market is in a bubble and the decline in prices may mark the start of a broader correction. However, some also cautioned that such sharp corrections are typical in China’s fast-paced, retail-driven market.

The Shanghai market snapped a seven-day winning streak with a bang, tumbling 6.5 per cent, which was the 10th largest in the past 15 years. The tech-heavy Shenzhen Composite, which had more than doubled this year alone, lost 5.5 per cent — its third-biggest fall in five years — while in Hong Kong, the Hang Seng index shed 2.2 per cent.