HK Stock Connect Daily Report: HUTCHMED Surged Over 14%, SHEIN-W Hit a Fresh Low, Baidu Inclusion Expectations Heat Up - 20260903

NewTimeSpace · 2026/09/03 18:30 · By Jiayi Sun

On September 3, Hong Kong stocks opened higher but closed lower, with the Hang Seng Index down 0.39% to 25,213.31 points and the Hang Seng TECH Index down 1.08%, on turnover of HKD 199.38 billion. Innovative drug plays surged, with HUTCHMED (00013) rising 14.32% on a licensing collaboration with GSK worth more than USD 1.4 billion in total; SBP GROUP rose 6.27%. Non-ferrous metals including gold rallied against the trend while internet stocks closed lower across the board. Southbound capital recorded net purchases of HKD 3.395 billion. Baidu completed its dual primary listing and could be included in Stock Connect as early as September 7; Moonshot AI reportedly filed confidentially; SHEIN-W will be included in the Hang Seng Composite Index on September 15, with its shares hitting a fresh low. MINIMAX-W rose 3.6%, up more than 20% this week.

I. Market Overview

On September 3, Hong Kong stocks opened higher but closed lower. The Hang Seng Index fell 0.39% to 25,213.31 points, the Hang Seng TECH Index dropped 1.08%, and the Hang Seng China Enterprises Index declined 0.77%. Full-day turnover reached HKD 199.38 billion, continuing to shrink from the previous session.

On the trading floor, non-ferrous metals including gold rallied against the market trend: TONGGUAN GOLD (00340) rose 9.2% and LINGBAO GOLD (03330) gained 5.75%, as soft US ADP employment data eased rate-hike expectations. Innovative drug plays extended their gains, with HUTCHMED (00013) jumping 14.32% after reaching a licensing collaboration with GSK that includes an upfront payment of USD 110 million and potential milestone payments of up to nearly USD 1.3 billion; SBP GROUP (01177) rose 6.27%. Shipping stocks performed well, with COSCO SHIP ENGY (01138) up 6.49% as geopolitical disruptions underpinned the risk premium for crude tanker shipping. Internet stocks closed lower across the board: ALIBABA-W fell over 2%, and TRIP.COM-S (09961) declined 5.41%. SHEIN-W (00625) slid 8.7% to hit a fresh low.

Southbound capital recorded net purchases of HKD 3.395 billion during the day, of which the Shanghai leg of southbound Stock Connect saw net purchases of HKD 698 million and the Shenzhen leg net purchases of HKD 2.697 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	02575.HK	XUANZHUBIO-B	18.23	11.12	1.48
Gainer 2	02255.HK	HAICHANG HLDG	15.57	0.25	1.90
Gainer 3	00013.HK	HUTCHMED	14.32	21.88	7.78
Gainer 4	02687.HK	ABLE DIGITAL	12.70	362.00	0.96
Gainer 5	09903.HK	ILUVATAR COREX	9.23	402.20	7.81
Loser 5	02192.HK	MEDLIVE	-5.34	7.01	0.14
Loser 4	02477.HK	WELLCELL HOLD	-5.45	0.21	0.41
Loser 3	02652.HK	CF PHARMTECH	-7.09	11.80	0.30
Loser 2	02889.HK	PATEO	-8.82	142.70	0.93
Loser 1	03268.HK	MEIG	-9.58	19.17	0.46

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	00700.HK	TENCENT	45.75	2.88	-1.19
2	00100.HK	MINIMAX-W	38.30	4.11	3.62
3	09988.HK	ALIBABA-W	36.00	-7.60	-2.18
4	06869.HK	YOFC	33.78	4.64	-3.19
5	02513.HK	Z.AI	27.82	2.40	-0.81
6	01888.HK	KB LAMINATES	25.13	-1.10	3.18
7	00981.HK	SMIC	18.34	-1.48	-0.29
8	01810.HK	XIAOMI-W	16.31	3.75	-2.21
9	02269.HK	WUXI BIO	8.58	3.46	2.97
10	00148.HK	KINGBOARD HLDG	7.77	-1.83	-0.10

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	159217	ICBCCS CNI HK Equities Innovative Drugs ETF	3.35	7.42
Gainer 2	159570	China Universal CNI HK Equities Innovative Drugs ETF	3.35	21.42
Gainer 3	159297	China Southern CNI HK Equities Innovative Drugs ETF	3.31	2.46
Gainer 4	159286	Penghua CNI HK Equities Innovative Drugs ETF	3.23	0.90
Gainer 5	513780	Invesco Great Wall CSI HK Equities Innovative Drugs ETF	3.17	6.78
Loser 5	159040	Penghua CSI HK Equities Internet ETF	-1.33	0.02
Loser 4	520630	GF CSI HK Equities Internet ETF	-1.39	0.05
Loser 3	513770	Hwabao CSI HK Equities Internet ETF	-1.45	2.74
Loser 2	520910	ChinaAMC CSI HK Equities Internet ETF	-1.45	0.23
Loser 1	159792	Fullgoal CSI HK Equities Internet ETF	-1.60	10.81

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	21.42	9.37	3.35
2	159131	Hwabao CSI HK Equities Information Technology Integration ETF	CSI HK Equities Information Technology Integration Index	15.71	71.22	-0.21
3	159792	Fullgoal CSI HK Equities Internet ETF	CSI HK Equities Internet Index	10.81	3.00	-1.60
4	513750	GF CSI HK Connect Financials (ex Banks) Thematic ETF	CSI HK Connect Financials (ex Banks) Thematic Index	10.58	8.27	1.81
5	159567	Yinhua CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	10.10	13.72	2.88
6	159316	E Fund Hang Seng HK Innovative Drugs ETF	Hang Seng HK Innovative Drugs Index	7.55	12.18	2.79
7	159217	ICBCCS CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	7.42	10.52	3.35
8	513780	Invesco Great Wall CSI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	6.78	21.08	3.17
9	159506	Fullgoal Hang Seng HK Equities Innovative Drugs And Health Care ETF	Hang Seng HK Equities Innovative Drugs And Health Care Index	5.35	15.74	2.73
10	520700	Wanjia CSI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	5.04	66.66	2.91

IV. Industry and Corporate Updates

1. Baidu completes dual primary listing conversion; inclusion in Stock Connect possible as early as September 7

On September 1, Baidu (09888.HK) announced that its voluntary conversion of its secondary listing status on The Stock Exchange of Hong Kong from secondary to dual primary listing had taken effect, with the "S" marker removed from its share short name. Market analysis, based on current rules and review cycles, suggests Baidu could be included in Stock Connect as early as September 7. Group CFO He Haijian said that, drawing on past cases, southbound capital could flow in within days to a week, with incremental inflows of 10% to 15% expected. Morgan Stanley forecasts southbound inflows of USD 3 billion to 6.8 billion over the first 6 to 12 months after inclusion. Baidu is a potential Stock Connect constituent.

2. Moonshot AI reportedly files confidentially with HKEX to kick off Hong Kong IPO process

According to market sources, Moonshot AI, a leading domestic developer of large language models, confidentially filed its A1 with the Hong Kong Stock Exchange this week, formally initiating its Hong Kong IPO process. The company is advancing a new funding round at a pre-money valuation of USD 50 billion, which may be its final round before the IPO. Kimi declined to comment on the rumors. If listed successfully, the company could become a potential Stock Connect constituent.

3. MANYCORE TECH added to Hang Seng Composite Index, effective September 7; inclusion expectations heat up

On August 21, Hang Seng Indexes Company announced the results of its semi-annual index review, with MANYCORE TECH (00068.HK) officially added as a constituent of the Hang Seng Composite Index. The related changes will be implemented after the market close on September 4 and take effect on September 7. Inclusion in the Hang Seng Composite Index is a core prerequisite for entering the Stock Connect eligible universe. The company posted H1 revenue of RMB 405 million, a record-high gross margin of 83%, and adjusted net profit of RMB 55.42 million, up 211% year on year; revenue from new AI applications and new products grew 177% year on year.

4. CHINAGOLDINTL added to Hang Seng High Beta Index and Hang Seng SCHK Central SOEs Quality Index, effective September 7

On September 3, CHINAGOLDINTL (02099.HK) announced its inclusion in the Hang Seng High Beta Index and the Hang Seng SCHK Central SOEs Quality Index. The related changes will be implemented after the market close on September 4 and take effect on September 7. The Hang Seng SCHK Central SOEs Quality Index takes central state-owned enterprises as its stock selection universe, and all of its constituents are eligible for Stock Connect trading. CHINAGOLDINTL is a Stock Connect constituent.

5. LONGSYS subscription closes today; margin financing oversubscribed 26 times; listing expected September 8

On September 3, the public offering of semiconductor memory maker LONGSYS (09976.HK) closed today. The public tranche recorded HKD 17.05 billion in margin financing subscriptions, representing oversubscription of 26.2 times against the public fundraising amount of HKD 630 million. The company plans to offer 26,077,800 H shares globally at a maximum offer price of HKD 240.6 per share, in board lots of 50 shares, with listing expected on September 8.

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 XUANZHUBIO-B Tencent ICBCCS CNI HK Equities Innovative Drugs ETF China Universal CNI HK Equities Innovative Drugs ETF