Ping An East-West Select ETF (03477.HK) Falls 1.90% Intraday as Hang Seng Loses 23,000 and Hang Seng TECH Hits Lowest since September 2024

NewTimeSpace News: As of 13:17 on October 22, the Ping An East-West Select ETF (03477.HK) fell 1.90% to a latest price of HK$16.500. The ETF has traded 14,800 units so far today for a turnover of HK$244,733.5 at an average price of HK$16.536, with a turnover rate of 0.034%. It is down 3.68% so far this week. Its current net asset value per unit is HK$16.77, and its assets under management stand at HK$721 million.

(Note on scope: the net asset value per unit and assets under management are as of October 21, 2026; the week-to-date change is measured against the closing price of HK$17.130 on October 16.)

On the news front, Hong Kong stocks corrected sharply on October 22: the Hang Seng Index broke below 23,000 at midday, down 2.87%, while the Hang Seng TECH Index fell 4.64% at midday and once broke below 3,900 to 3,869 intraday, its lowest since September 2024. Tech names were broadly lower, with Alibaba down 4.6%, JD.com down more than 3%, Xiaomi and Tencent down more than 2%, and Lenovo once down more than 5%; CPO concepts were hit hard, with Yangtze Optical Fibre and Cable down more than 8% and Zhongji Innolight's H shares down more than 7%. In the background, US-listed Chinese stocks fell collectively overnight, with the Nasdaq Golden Dragon China Index closing down 2.35%; Southbound funds net sold HK$4.434 billion on October 21, a sixth straight day of net selling; and the 10-year US Treasury yield rose to 5.13%. In contrast with Hong Kong, the three major US indices all closed higher overnight, boosted by results from SpaceX, Meta and IBM, with the Nasdaq up 1.05%.

The Ping An East-West Select ETF (03477.HK) closely tracks the Solactive Global Pacific Equity Select HKD Net Return Index, a net total return index weighted by freefloat market capitalisation whose constituents are securities listed on the Hong Kong Exchange and on US venues including the New York Stock Exchange, NYSE American, NYSE Arca, Nasdaq, IEX and BZX. The fund primarily adopts a full replication strategy, investing in the index securities in substantially the same weightings as the index.

Dongwu Securities believes the weakness of Hong Kong stocks stems mainly from a pick-up in US inflation, which has reinforced expectations of higher-for-longer interest rates, and from the adjustment in overseas tech stocks, which has dragged Hong Kong along; the Hang Seng TECH Index is now basically back near its "September 24" level, and while there could theoretically be short covering, current fundamentals do not provide strong support, and with overseas risks repeatedly disturbing the market, the rebound in the Hang Seng TECH Index may be limited, warranting cautious observation of Hong Kong stocks.