Hang Seng TECH ETF (03032.HK) Up 4.94% as Tencent Releases Hunyuan Hy4

NewTimeSpace News: As of 10:06 on November 5, Hang Seng TECH ETF (03032.HK) rose 4.94% to a latest price of HK$4.118. The ETF has so far traded 45.1666 million units today, with turnover of HK$184 million and an average price of HK$4.067; its turnover rate is 3.592%. It has gained 9.52% week to date. The net asset value per unit is HK$3.9350, and assets under management stand at HK$4.948 billion. (Note: NAV and AUM are as of November 4; the week-to-date change is based on the October 30 close of HK$3.760.)

On November 4, Tencent released the official version of Hunyuan Hy4, its latest large language model, lifting the parameter count from under 300 billion in the Hy3 series to 770 billion and introducing visual understanding and computer-operation capabilities for the first time. Boosted by a rally in US-listed Chinese shares overnight, Hong Kong stocks opened higher on November 5 and extended gains: the Hang Seng Index rose nearly 3% to reclaim 24,000 points, while the Hang Seng TECH Index gained more than 4% to 4,121.90. Among constituents, NetEase rose nearly 8%, Li Auto over 7%, Bilibili, Meituan and Xiaomi over 6%, Alibaba over 5%, and Tencent, JD.com, Baidu and Kuaishou over 4%; memory and optical communication names pulled back, with Zhongji Innolight down more than 7%.

Hang Seng TECH ETF (03032.HK) closely tracks the Hang Seng TECH Index. Compiled by Hang Seng Indexes, the index reflects the performance of the 30 largest companies listed in Hong Kong that are classified under the industrials, consumer discretionary, healthcare, financials and information technology sectors and are highly relevant to the technology theme, weighted by free-float market capitalisation with an 8% cap on any single constituent.

Orient Securities believes the pricing logic for AI infrastructure is shifting from growth to cash flow: in the second quarter of 2026, free cash flow at Microsoft, Google, Amazon, Meta and Oracle collectively fell to roughly zero. Capex remains a gauge of prosperity but is no longer the only one; the alignment of compute utilisation, cloud revenue growth, operating cash flow and funding costs will determine valuation dispersion among cloud providers in the next phase.