Anthropic Files for What Could Be the Largest-Ever IPO ， E Fund (Hk) Ftse Ai Select Index Etf (03489.HK) Up 4.59% Intraday on 28 October

Wind data show that E Fund (Hk) Ftse Ai Select Index Etf (03489.HK) traded at HKD 11.63 intraday on 28 October, up 4.59%, with turnover of about HKD 8.94 million, more than five times the HKD 1.47 million of the previous session; as of 28 October, the fund's size stood at about HKD 543 million, with net asset value per unit of HKD 11.2939 and a premium of about 0.04%; it closed at HKD 11.12 on 27 October.

On performance, according to the fund's performance table, the product fell 17.12% year to date, 15.82% over the past six months and 23.98% over the past year; on a HKD secondary-market price basis it fell 13.79% year to date and 18.95% over the past 250 trading days, with the gap mainly reflecting RMB versus HKD denomination. The Hang Seng Index returned -10.10%, -10.27% and -12.54% over the same periods, leaving the product behind by about 7.0, 5.6 and 11.4 percentage points. It fell 5.6% in a single session on 22 October, hit a 52-week low of HKD 11.00 intraday on 23 October and rebounded 4.59% on 28 October; its 52-week range is HKD 11.00 to HKD 14.93. Hong Kong AI technology stocks rose broadly on 28 October: ALIBABA-W gained 1.60%, TENCENT 0.90%, Baidu 3.00% and KUAISHOU-W 0.80%, while the Hang Seng TECH Index rose 1.4% and the Hang Seng Index edged up 0.3% to 23,109 points.

On the news front, the positives: on 26 October Anthropic publicly filed its S-1 with the US Securities and Exchange Commission; based on the roughly USD 100 billion raise previously estimated, it could become the largest IPO ever, with first-half revenue of USD 16.29 billion, about 13 times the year-earlier level, and third-quarter revenue of USD 16.8 billion, up about 45% quarter on quarter. Bank of America, Blackstone, Citi and Morgan Stanley are providing USD 63 billion of financing to supply Broadcom chips to Anthropic; SpaceX completed about USD 40 billion of debt financing to buy NVIDIA GPUs; and Meta's USD 25 billion share sale was five times oversubscribed, lifting its total fundraising programme to USD 97.5 billion. US AI hardware strengthened for a second straight session on 27-28 October, with the Nasdaq up 1.18%, the Philadelphia Semiconductor Index up 3.6%, AMD up 5.45%, Broadcom up 4% and Western Digital up 6.95%. The supply chain corroborates: SK Hynix's third-quarter revenue of KRW 104.62 trillion and operating profit of KRW 83.33 trillion both beat expectations, alongside a KRW 20 trillion buyback and a view that the memory shortage will persist until 2030; TSMC plans to raise advanced packaging prices by up to 20%, with CoWoS demand extending from GPUs to server CPUs and custom ASICs; and according to Korean media, Chinese cloud providers including Alibaba, Tencent and ByteDance have approached Samsung Electronics and SK Hynix for server memory long-term agreements of up to 10 years running to 2035, extending from DDR to LPDDR. On applications, Alibaba Cloud's revenue is expected to grow about 45% year on year, Tencent's Hunyuan Hy3 agent capabilities keep improving, Kimi K3 has been open-sourced and Qwen has been integrated into Apple Intelligence. Domestic data also support the trend: industrial enterprise profits rose 15.5% year on year in January-September, with electronics profits up 1.0 times and computer, communications and other electronic equipment manufacturing up 103.8%. On the downside: A-shares fell broadly on 27 October, with the SSE Composite Index down 1.33%, the ChiNext Index down 3.41% and the SSE STAR 50 Index down 4.81%, led by semiconductors; the Federal Reserve is expected to hold rates at its October meeting, with CME data showing a 77.7% probability of a cumulative 25bp hike by December and the 10-year Treasury yield still at an elevated 4.98%; KINGSOFT OFFICE's third-quarter net profit fell 72.30% year on year; and the product is down 23.98% over the past year with about HKD 543 million in assets, so thematic concentration and liquidity risks still warrant attention.

Managed by E Fund Asset Management (Hong Kong) Limited and listed on the HKEX on 26 September 2025, with a total ongoing charge ratio of 1.40% (0.90% management fee and 0.06% trustee fee) and an estimated annual tracking difference of -1.60%, the product tracks the FTSE Custom Global AI Select Index (Net Return), compiled by FTSE Russell, covering the full "chip-cloud-model-device" chain and balancing compute leaders such as NVIDIA and TSMC with application platforms including Microsoft, Alibaba and Tencent. It uses full replication or representative sampling to track the index closely, is denominated and traded in HKD and trades in board lots of 100 units. It suits aggressive investors bullish on the long-term industrialisation of AI who can tolerate high thematic volatility and single-track concentration risk. Risk warning: for reference only; this is not investment advice; past performance does not guarantee future results; invest with caution. (Data source: Wind, as of 28 October 2026)