Hong Kong Interim Dividends Hit a Record High as Southbound Inflows Reach RMB 42.2 Billion in Four Weeks; Ping An of China CSI HK Dividend ETF (03070.HK) Gains 13.28% Year to Date, Beating Its Benchmark Index

NewTimeSpace News:Wind data show that Ping An of China CSI HK Dividend ETF (03070.HK) closed at HKD 42.40 as of 23 September, down 0.79%, with turnover of about HKD 2.28 million that day; as of 23 September, the fund's size stood at about HKD 1.279 billion, with net asset value per unit of HKD 42.4553, cumulative net asset value per unit of HKD 58.7753 and 30.13 million units in issue. 24 September is the ex-dividend date for the third-quarter distribution (HKD 1.03 per unit, payable on 30 September), and the ETF traded intraday at HKD 41.68, up 0.75% from the ex-dividend adjusted previous close of HKD 41.371.

On performance, the product rose 13.28% year to date, 5.41% over the past six months and 20.59% over the past year, while its tracking index (CSI Hong Kong Dividend Index) returned +9.70%, +1.63% and +16.27% over the same periods, leaving the ETF ahead of the benchmark by about 3.6, 3.8 and 4.3 percentage points respectively; the Hang Seng Index returned -3.11%, +1.85% and -5.07% and peer funds returned +5.33%, +8.45% and +3.08%, so the product clearly led both the broad market and its peers. On 24 September Hong Kong dividend constituents rose against the trend: PETROCHINA gained 2.41%, CNOOC 2.31%, SITC 2.26%, AGRICULTURAL BANK OF CHINA 1.85% and ICBC 1.46%, while the Hang Seng Index fell 0.42% to 24,730.32 points; CCB slipped 0.21% and CHINA MOBILE rose 0.19%.

On the news front, the positives: Wind data show that southbound capital recorded four consecutive weeks of net inflows from 24 August to 18 September, taking in RMB 42.209 billion in total, with Hong Kong high-dividend sectors such as industrials, energy, property and construction and financials leading the inflows. Hong Kong interim dividends hit another record high, with 516 companies planning payouts of HKD 919.832 billion, of which the financial sector ranked first at HKD 440.708 billion and the payouts of ICBC, CHINA MOBILE and CCB each exceeded HKD 60 billion. On 17 September the Federal Reserve raised rates by 25 basis points to 3.75%-4.00%, its first hike since July 2023; with short cash-flow duration, high-dividend assets are relatively less sensitive to discount rates and their defensive attributes stand out in a high-rate environment. On the downside: HTSC cautioned that the trading appeal of high-dividend sectors has declined in the short term after their rapid recovery in July; CITIC SEC noted that as long-end global rates continue to rise, the yield advantage of Hong Kong high-dividend assets over overseas risk-free assets has narrowed, so allocation decisions should further weigh cash-flow stability, earnings certainty and dividend sustainability; and the Hong Kong market has been volatile since the start of September, with the Hang Seng Index still closing slightly lower on 24 September and dividend capacity diverging markedly across industries.

Managed by Ping An Asset Management (Hong Kong) Limited and listed in Hong Kong on 15 February 2012 with a total expense ratio of 0.71%, the product tracks the CSI Hong Kong Dividend Index: compiled by China Securities Index Co., Ltd. and launched in July 2009, the index screens Hong Kong-listed securities for those with positive cash dividend yields in each of the past three years and daily average turnover and total market capitalization both ranking in the top 50%, then selects the top 30 by average cash dividend yield over the past three years, weighted by adjusted free-float market capitalization and rebalanced annually. As of 31 August, the index's top ten constituents accounted for about 78.5%: CCB 11.35%, ICBC 11.34%, CNOOC 10.73%, BANK OF CHINA 9.76%, CHINA MOBILE 8.42%, PETROCHINA 7.50%, AGRICULTURAL BANK OF CHINA 6.82%, CHINA SHENHUA 5.47%, SINOPEC CORP 3.98% and CHINAHONGQIAO 3.13%, heavily concentrated in central state-owned dividend assets in banking, energy and telecom operators. The product uses a full replication strategy, may switch to representative sampling under special circumstances (with additional single-constituent weight capped at 4%), does not invest in financial derivatives, distributes quarterly (generally March, June, September and December) without paying distributions out of capital, and has been operating for more than 14 years, suiting medium- to long-term investors seeking stable cash flow and a defensive core holding. Risk warning: for reference only; this is not investment advice; past performance does not guarantee future results; invest with caution. (Data source: ROYALFLUSH INFO iFinD, as of 24 September 2026)

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