HK Stock Connect Daily Report: Baidu's Dual Primary Listing Takes Effect, Stock Connect Inclusion Expectations Rise; Southbound Net Buying Reaches HK$7.757 Billion - 20260901

NewTimeSpace · 2026/09/01 17:51 · By Jiayi Sun

On September 1, Hong Kong's three major indices all moved lower, with the Hang Seng Index down 0.93% to 25,329.73 points and the Hang Seng TECH Index down 1.49%, on turnover of HK$238.735 billion. Mainland bank stocks were active against the trend, with the H-shares of ICBC, Bank of China, CCB and BOCOM all hitting record highs; AI application stocks strengthened, with MININGLAMP-W up 21.25% and KUAISHOU-W up 3.16%, after Kling AI received RMB 1.4 billion from the National AI Industry Investment Fund. SHEIN and Mech-Mind Robotics broke below their issue prices on debut. Southbound capital recorded net buying of HK$7.757 billion. Baidu officially completed its dual primary listing today and could be included in Stock Connect as early as September 7; ZJ INNOLIGHT plans to buy back RMB 4-8 billion of A-shares.

I. Market Overview

On September 1, Hong Kong's three major indices all moved lower. The Hang Seng Index fell 0.93% to 25,329.73 points, the Hang Seng TECH Index dropped 1.49%, and the Hang Seng China Enterprises Index slipped 0.59%. Full-day turnover reached HK$238.735 billion, notably lower than the previous session.

On the trading front, mainland bank stocks were active against the trend, with the H-shares of ICBC, Bank of China, CCB and BOCOM all hitting record highs, and the six major state-owned banks collectively raising their cash dividend payout ratios to 31% for the first time. Some AI application stocks strengthened, with MININGLAMP-W (02718.HK) up 21.25% and HAIZHI TECH GP (02706.HK) up 12.92%, as the Ministry of Industry and Information Technology launched a special action to cultivate AI application service providers. KUAISHOU-W (01024.HK) rose 3.16% against the trend, after Kling AI received RMB 1.4 billion in investment from the National AI Industry Investment Fund. Gold stocks continued to come under pressure, gaming stocks fell broadly, and PCB concept and mainland property developer stocks led the declines. New listings SHEIN (00625.HK) and Mech-Mind Robotics Technologies Co., Ltd. (09615.HK) both broke below their issue prices on their first trading day.

Southbound capital recorded net buying of HK$7.757 billion on the day, of which Stock Connect (Shanghai) saw net buying of HK$6.219 billion and Stock Connect (Shenzhen) net buying of HK$1.537 billion.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Category	Stock Code	Stock Name	Change (%)	Close (HKD)	Turnover (HKD 100mn)
Gainer 1	02718.HK	MININGLAMP-W	21.25	54.20	6.69
Gainer 2	02533.HK	BLACK SESAME	13.21	11.23	2.48
Gainer 3	02706.HK	HAIZHI TECH GP	12.92	57.25	3.89
Gainer 4	09678.HK	UNISOUND	11.57	85.35	6.77
Gainer 5	03738.HK	VOBILE GROUP	11.42	3.42	3.25
Decliner 5	03200.HK	HANS CNC	-7.81	105.10	1.58
Decliner 4	00881.HK	ZHONGSHENG HLDG	-7.96	3.93	0.59
Decliner 3	02595.HK	GENFLEET-B	-8.70	28.12	0.56
Decliner 2	01783.HK	ENVISION GREEN	-8.91	4.19	0.68
Decliner 1	03858.HK	JIAXIN INTL RES	-9.06	57.20	2.67

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

2.2 HK Stock Connect Active Stocks (ranked by southbound turnover)

Rank	Stock Code	Stock Name	Southbound Turnover (HKD 100mn)	Southbound Net Buy (HKD 100mn)	Change (%)
1	00100.HK	MINIMAX-W	69.67	7.63	-3.50
2	02513.HK	Z.AI	62.46	-4.11	-1.34
3	09988.HK	ALIBABA-W	50.18	2.22	-3.33
4	00700.HK	TENCENT	40.49	11.25	-2.56
5	01024.HK	KUAISHOU-W	23.80	4.03	3.16
6	01888.HK	KB LAMINATES	22.01	1.87	-5.56
7	00981.HK	SMIC	16.83	-0.59	-2.69
8	06869.HK	YOFC	14.38	1.13	-1.56
9	03308.HK	ZJ INNOLIGHT	11.07	2.69	0.58
10	03690.HK	MEITUAN-W	10.80	-5.76	-2.85

III. HK Stock Connect-related A-share ETF Rankings

3.1 HK Stock Connect-related A-share ETF Gainers and Decliners

Category	Code	Short Name	Change (%)	Turnover (RMB 100mn)
Gainer 1	513190	ChinaAMC CSI HK Equities Interior Finance ETF	2.17	5.77
Gainer 2	159091	E Fund CSI HK Equities Interior Finance ETF	2.11	0.07
Gainer 3	158000	Penghua CSI HK Equities Interior Finance ETF	1.65	0.30
Gainer 4	513750	GF CSI HK Connect Financials (ex Banks) Thematic ETF	1.29	6.27
Gainer 5	159137	Hwabao CSI HK Equities Health Care Theme ETF	1.25	0.82
Decliner 5	520880	Hwabao WP Hang Seng HK Innovative Drugs Selected ETF	-1.31	2.33
Decliner 4	520690	Bosera Hang Seng HK Innovative Drugs Selected ETF	-1.35	0.56
Decliner 3	159217	ICBCCS CNI HK Equities Innovative Drugs ETF	-1.36	4.33
Decliner 2	159286	Penghua CNI HK Equities Innovative Drugs ETF	-1.46	0.44
Decliner 1	159297	China Southern CNI HK Equities Innovative Drugs ETF	-1.77	3.34

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

3.2 HK Stock Connect-related A-share ETF Active Rankings (ranked by turnover)

Rank	Code	Short Name	Tracking Index	Turnover (RMB 100mn)	Turnover Rate (%)	Change (%)
1	159570	China Universal CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	18.17	7.97	-1.31
2	159792	Fullgoal CSI HK Equities Internet ETF	CSI HK Equities Internet Index	14.64	3.97	-0.52
3	159131	Hwabao CSI HK Equities Information Technology Integration ETF	CSI HK Equities Information Technology Integration Index	9.72	43.52	-0.91
4	513750	GF CSI HK Connect Financials (ex Banks) Thematic ETF	CSI HK Connect Financials (ex Banks) Thematic Index	6.27	4.94	1.29
5	513190	ChinaAMC CSI HK Equities Interior Finance ETF	CSI HK Equities Interior Finance Index	5.77	31.02	2.17
6	159567	Yinhua CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	5.35	7.41	-1.14
7	159316	E Fund Hang Seng HK Innovative Drugs ETF	Hang Seng HK Innovative Drugs Index	4.74	7.79	-1.30
8	159217	ICBCCS CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	4.33	6.27	-1.36
9	513040	E Fund CSI HK Equities Internet ETF	CSI HK Equities Internet Index	4.13	6.61	-0.87
10	526000	ChinaAMC CSI HK Equities Information Technology Integration ETF	CSI HK Equities Information Technology Integration Index	3.85	180.26	-0.74

IV. Industry and Corporate Updates

1. Baidu Completes Dual Primary Listing, Expected to Be Included in Stock Connect as Early as September 7

On September 1, Baidu Group (09888.HK) announced that the voluntary conversion of its secondary listing status on the Stock Exchange of Hong Kong to dual primary listing officially took effect on the day, with the "S" stock mark removed from the stock short name. Baidu is now dually primary listed on the Stock Exchange of Hong Kong and the Nasdaq Global Select Market. Market analysis, based on current rules and the review cycle, estimates that Baidu could be included in Stock Connect as early as September 7. Group Chief Financial Officer Mr. He Haijian stated that, with reference to analyses by brokers and analysts, incremental capital inflows of 10% to 15% are expected. Baidu is a potential Stock Connect eligible stock.

2. Mech-Mind Robotics Lists on HKEX Today, Hong Kong Public Offering Oversubscribed 3,835 Times

On September 1, Mech-Mind Robotics Technologies Co., Ltd. (09615.HK), a provider of general-purpose intelligent robot components powered by AI and 3D vision guidance, officially listed on the Main Board of the HKEX. The final offer price was set at HK$101.7 per share (priced at the top of the range), with a global offering of approximately 23.1406 million shares and net proceeds of approximately HK$2.2 billion. The Hong Kong public offering was oversubscribed by 3,835.36 times, with an allotment rate of only 3% for one board lot (30 shares). The IPO attracted nine cornerstone investors, including Baillie Gifford, Taikang Life Insurance, Golden Link under BYD and E Fund, subscribing for a combined 62.02% of the total offering.

3. SHEIN Debuts on HKEX Today, with Net IPO Proceeds of Approximately HK$13.2 Billion

On September 1, SHEIN (00625.HK), a global online fashion retailer, officially listed on the Main Board of the HKEX. The final offer price was set at HK$48.56 per share, with a global offering of approximately 280 million Class B shares and net proceeds of approximately HK$13.214 billion. The Hong Kong public offering received a moderate oversubscription of approximately 5.63 times, with an allotment rate of 18.42% for one board lot, while the international offering received approximately 2.59 times subscription. The IPO attracted seven cornerstone investors, including Huang River under Tencent, with combined subscriptions of approximately US$383 million.

4. ZJ INNOLIGHT Plans to Buy Back RMB 4-8 Billion of A-Shares for Equity Incentives and Employee Stock Ownership

On September 1, ZJ INNOLIGHT (03308.HK) announced that the Company plans to repurchase A-shares using self-owned or self-raised funds, with total repurchase funds of no less than RMB 4 billion and no more than RMB 8 billion, at a repurchase price not exceeding RMB 1,200 per share. Based on the upper limit of RMB 8 billion, the Company expects to repurchase approximately 6.6667 million shares, representing 0.57% of the Company's total share capital. The repurchased shares will be used for equity incentives or employee stock ownership plans. ZJ INNOLIGHT was officially included in the Stock Connect eligible list on August 27 and is a Stock Connect eligible stock.

5. WASION HOLDINGS Repurchased 154,000 Shares on Monday; Chairman Increased Holdings by 300,000 Shares the Same Day

On September 1, WASION HOLDINGS (03393.HK) announced that the Company repurchased an aggregate of 154,000 shares yesterday (August 31) at an average price of HK$15.47 per share, for approximately HK$2.38 million. Meanwhile, Mr. Ji Wei, the Company's controlling shareholder and Chairman of the Board, increased his holdings by an aggregate of 300,000 shares on the same day at an average purchase price of HK$15.54 per share, for approximately HK$4.66 million. After the increase, the Chairman's shareholding rose to approximately 51.73%. WASION HOLDINGS is a Stock Connect eligible stock.

V. Market Notes

Eligible securities list adjustment announcement

No recent announcements.

Trading calendar

No approaching market closure days.

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HK Stock Connect Daily Report MININGLAMP-W MINIMAX-W ChinaAMC CSI HK Equities Interior Finance ETF China Universal CNI HK Equities Innovative Drugs ETF