HK Connect Weekly: Hang Seng TECH Index Down 5.56% for the Week; Stock Connect List Adjustment Implemented; BIDU-W Officially Joins Stock Connect - 20260911

I. Weekly Market Overview

This week (September 7–September 11), the three major Hong Kong stock indices continued to weaken. The Hang Seng Index fell 3.30% for the week and the Hang Seng TECH Index fell 5.45% for the week; the Hang Seng China Enterprises Index fell 3.61% for the week. Average daily turnover for the week was about HKD 209.6 billion.

On the southbound capital side, sustained net inflows were seen this week: net buying of HKD 1.275 billion on Monday (September 7), HKD 6.128 billion on Tuesday (September 8), HKD 3.720 billion on Wednesday (September 9), HKD 4.551 billion on Thursday (September 10) and HKD 4.431 billion on Friday (September 11). Southbound net inflows totalled about HKD 20.1 billion for the week.

II. Review of Hot Sectors This Week

1. Stock Connect list adjustment implemented — 54 stocks added, 15 removed; Baidu officially joins Stock Connect

On September 7 (Monday), the Shanghai and Shenzhen stock exchanges announced an adjustment to the list of eligible securities under Stock Connect, effective the same day. A total of 54 stocks were added, including BIDU-W, MANYCORE TECH, TONGGUAN GOLD, YUNFENG FIN, AXERA, HARBIN ELECTRIC, ASCLETIS-B, XIZHI TECH-P, CSTONE PHARMA-B, HENLIUS, DIAGENS-B, ALEBUND-B, SIGENERGY, INSILICO and METIS TECHBIO-P; the stocks removed included MING YUAN CLOUD, NISSIN FOODS, JS GLOBAL LIFE, TIANLI INT HLDG, YIDU TECH, HAICHANG HLDG and REFIRE. On Monday, MANYCORE TECH rose 29.9% and JINHAI MED TECH rose 14.05%; SYNAGISTICS, which was removed from the list, fell 37.04% and REFIRE fell 29.55%. BIDU-W was formally included in Stock Connect, and Citi expects BIDU to attract about USD 6 billion (about HKD 47 billion) in net new southbound capital over the next 2 to 4 months. On Wednesday (September 9), BIDU-W rose 2.96% with net southbound buying of HKD 1.735 billion. On Thursday (September 10), BIDU-W was included in three Hang Seng Stock Connect-related indices, effective from October 26.

2. Computing power hardware, optical communications and PCB — catalysed by OpenAI's release of GPT-6 Astra

On Monday (September 7), OpenAI released GPT-6 Astra, validating the logic of computing power expansion, and optical communications stocks led the gains, with CIG rising 24.37%, ZJ INNOLIGHT rising 19.58% and YOFC rising 9.91%; among PCB-related names, DELTON rose 14.68% and KB LAMINATES rose 7.82%. On Tuesday (September 8), YOFC recorded southbound turnover of HKD 3.808 billion. On Wednesday (September 9), YOFC rose 7.24% with southbound turnover of HKD 6.081 billion; KB LAMINATES rose 4.76%. On Thursday (September 10), CIG rose 4.04% and YOFC fell 3.38%. On Friday (September 11), ZJ INNOLIGHT rose 4.37% and YOFC rose 3.44%. For the full week, the computing power hardware chain was clearly catalysed by overseas AI model iteration, although individual stock performance diverged in the second half of the week.

3. AI large models and applications — Z.AI and MINIMAX-W fluctuate, ZHIDA TECH surges before pulling back

On Monday (September 7), MINIMAX-W recorded southbound turnover of HKD 6.763 billion and Z.AI recorded southbound turnover of HKD 4.883 billion. On Tuesday (September 8), Z.AI fell 10.02% and MINIMAX-W fell 5.59%. On Wednesday (September 9), amid accelerating AI iteration, XIZHI TECH surged 19.19%, STAR SHINE HLDG rose 16.91% and ANDRE JUICE rose 14.78%. On Thursday (September 10), ZHIDA TECH surged 107.22% as its AI home charging robot debuted at the Bund Conference and demonstrated fully automatic charging on site; Z.AI fell 10.34% and MINIMAX-W fell 8.98%. On Friday (September 11), ZHIDA TECH pulled back 31.77% with turnover of HKD 1.147 billion; Z.AI fell 3.17% and MINIMAX-W fell 7.53%. The AI large model sector saw active trading this week but came under price pressure, with clear divergence within the sector.

4. Innovative drugs and biotech — GENSCRIPT BIO spin-off and placing, ASCLETIS research and development, Hang Seng Hong Kong-Listed Biotech Index adjustment

On Tuesday (September 8), GENSCRIPT BIO rose 11.87%, with the company planning to spin off ProBio for a Hong Kong listing. On Wednesday (September 9), ASCLETIS-B announced the launch in the United States of a Phase I study of ASC36, an oral amylin receptor agonist peptide, for the treatment of obesity; SHINEWAY PHARM rose 11.38% on its participation in the bidding for the 2026 national medical insurance price negotiations. On Friday (September 11), GENSCRIPT BIO announced a proposed placing of 77.126 million new shares with net proceeds of about HKD 2.327 billion; HENGRUI PHARMA's Class 1 innovative drug hetrombopag olamine tablets were approved for two additional indications. The Hang Seng Hong Kong-Listed Biotech Index added DIAGENS-B and removed HUTCHMED, with the changes implemented after the market close on September 11 and effective from September 14. This week, innovative drug sector stocks showed clear event-driven characteristics, but the sector as a whole pulled back in line with the broader market.

5. Semiconductors and hard tech — HUA HONG GRACE attains blue-chip status, LONGSYS lists, INGENIC launches public offering

On Monday (September 7), HUA HONG GRACE officially attained blue-chip status, rising 4.92%; SMIC recorded southbound turnover of HKD 2.914 billion. On Tuesday (September 8), LONGSYS's H shares were listed on the HKEX Main Board, raising net proceeds of about HKD 6.803 billion. On Thursday (September 10), INGENIC announced details of its Hong Kong public offering at a maximum offer price of HKD 102.8 per share, introducing 11 cornerstone investors. On Friday (September 11), SMIC recorded southbound turnover of HKD 2.109 billion. The semiconductor sector was driven this week by events including HUA HONG GRACE's blue-chip inclusion, LONGSYS's listing and INGENIC's public offering, while southbound capital maintained strong interest in leaders such as SMIC.

6. Gold and financials — TONGGUAN GOLD joins Stock Connect, mainland banks adjust

On Monday (September 7), TONGGUAN GOLD was formally included in Stock Connect, with interim net profit of HKD 523 million, up 52.5% year on year. Mainland bank stocks adjusted broadly, with CM BANK falling 2.72%; ICBC and ABC disclosed private placement plans on the same day, raising a combined total of no more than RMB 260 billion. On Friday (September 11), CHERVON rose 23.00% after appointing a former TECHTRONIC IND executive as chief executive officer; DAJIN rose 10.78%, as the shipbuilding sector continued to see a strong order intake and European offshore wind tendering is expected to act as a catalyst.

7. Other sector highlights

New listings and newly Stock Connect-eligible names saw significant volatility this week. On Wednesday (September 9), YUNJI fell 16.44%; the stock joined Stock Connect on September 7, securing its entry ticket less than 11 months after listing. On Thursday (September 10), QUANTGROUP rose 11.17%, TIANLI INT HLDG rose 10.06% and QINGSONG HEALTH rose 8.78%. On Friday (September 11), HUAYAN ROBOTICS rose 25.62%, STAR SHINE HLDG rose 22.83%, GALAXIS TECH rose 17.64% and SENASIC rose 11.19%; on the downside, JIANGXI COPPER fell 9.19%, XIZHI TECH-P fell 9.87%, METIS TECHBIO-P fell 11.38% and PATEO fell 12.68%.

III. Key Stock Connect Events

1. On September 7 (Monday), the Shanghai and Shenzhen stock exchanges announced an adjustment to the list of eligible securities under Stock Connect, effective the same day. A total of 54 stocks were added and 15 removed. The stocks added included BIDU-W, MANYCORE TECH, TONGGUAN GOLD, YUNFENG FIN, AXERA, HARBIN ELECTRIC, ASCLETIS-B, XIZHI TECH-P, CSTONE PHARMA-B, HENLIUS, DIAGENS-B, ALEBUND-B, SIGENERGY, INSILICO and METIS TECHBIO-P; the stocks removed included MING YUAN CLOUD, NISSIN FOODS, JS GLOBAL LIFE, TIANLI INT HLDG, YIDU TECH, HAICHANG HLDG and REFIRE.

2. On September 7 (Monday), the results of the quarterly review of the Hang Seng Index series took effect. Hang Seng Index constituents increased from 93 to 95, with HUA HONG GRACE and WEICHAI POWER added; the Hang Seng TECH Index added ILUVATAR COREX and removed TONGCHENGTRAVEL; the Hang Seng China Enterprises Index was unchanged; Hang Seng Composite Index constituents increased from 534 to 580, with 61 added and 15 removed.

3. On September 7 (Monday), BIDU-W was formally included as a Stock Connect eligible security, effective the same day. Citi expects BIDU to attract about USD 6 billion (about HKD 47 billion) in net new southbound capital over the next 2 to 4 months.

4. On September 7 (Monday), Medcaptain Medical listed on the HKEX Main Board at a final offer price of HKD 15.42 per share; it closed at HKD 8.8 on its first day of listing, 42.9% below the offer price.

5. On September 8 (Tuesday), officials of the Shanghai and Shenzhen stock exchanges said at the HKEX China Opportunities Forum that they would further promote the inclusion of REITs products in the Mutual Market Access mechanism, actively promote the inclusion of RMB-denominated stock trading counters in the Mutual Market Access mechanism, and explore optimisation measures in respect of trading mechanisms, the scope of eligible securities and investor thresholds.

6. On September 8 (Tuesday), LONGSYS's H shares were listed on the HKEX Main Board at a final offer price of HKD 236.00 per share, raising net proceeds of about HKD 6.803 billion.

7. On September 9 (Wednesday), ASCLETIS-B announced the launch in the United States of a Phase I study of ASC36, an oral amylin receptor agonist peptide, for the treatment of obesity. NEW VISION CO disclosed that it had for the first time secured a model nomination from a leading international German automaker. JINHAI MED TECH disclosed its interim results, with revenue from its minimally invasive medical business growing 301.5%. According to HKEX disclosure on September 7, KINWONG and TAOTAO have passed the HKEX Main Board listing hearing. Hang Seng Indexes Company announced the licensing of the world's first warrant linked to the Hang Seng Hong Kong-Listed Biotech Index.

8. On September 10 (Thursday), Hang Seng Indexes Company announced that BIDU-W would be included in the Hang Seng HK Equities New Economy Index, the Hang Seng HK Equities China Technology Index and the Hang Seng HK Technology Theme Index after the market close on October 23, 2026, with the relevant changes effective from October 26. INGENIC announced details of its Hong Kong public offering at a maximum offer price of HKD 102.8 per share. XUNZHONG proposed to place 11.19 million new H shares, raising net proceeds of about HKD 314 million.

9. On September 11 (Friday), the Hang Seng Hong Kong-Listed Biotech Index added DIAGENS-B and removed HUTCHMED, with the changes implemented after the market close and effective from September 14. GENSCRIPT BIO announced a proposed placing of 77.126 million new shares, raising net proceeds of about HKD 2.3271 billion. HENGRUI PHARMA's Class 1 innovative drug hetrombopag olamine tablets were approved for two additional indications. The Hong Kong Association of Banks and Deloitte China jointly released the "Hong Kong Banking 2030" report, recommending that the Mutual Market Access framework be extended to "IPO Connect".

IV. Hang Seng Stock Connect-related A-share ETF Rankings (This Week's Focus)

This week, Stock Connect-related A-share ETFs showed a pattern of "innovative drug products remaining active, technology ETFs diverging, financial ETFs strengthening and dividend ETFs holding steady".

Innovative drug ETFs saw persistently active trading this week. On Monday, China Universal CNI HK Equities Innovative Drugs ETF recorded turnover of RMB 924 million and fell 1.41%; Yinhua CNI HK Equities Innovative Drugs ETF recorded turnover of RMB 467 million and fell 1.25%; E Fund Hang Seng HK Innovative Drugs ETF recorded turnover of RMB 391 million and fell 0.85%; Invesco Great Wall CSI HK Equities Innovative Drugs ETF recorded turnover of RMB 344 million and fell 1.18%. On Tuesday, China Universal CNI HK Equities Innovative Drugs ETF recorded turnover of RMB 1.816 billion and fell 0.20%; Yinhua CNI HK Equities Innovative Drugs ETF recorded turnover of RMB 794 million and fell 0.14%; Fullgoal Hang Seng HK Equities Innovative Drugs And Health Care ETF recorded turnover of RMB 630 million and was flat; E Fund Hang Seng HK Innovative Drugs ETF recorded turnover of RMB 558 million and fell 0.17%; Invesco Great Wall CSI HK Equities Innovative Drugs ETF recorded turnover of RMB 494 million and rose 0.71%; Wanjia CSI HK Equities Innovative Drugs ETF recorded turnover of RMB 447 million and rose 0.55%. On Wednesday, China Universal CNI HK Equities Innovative Drugs ETF recorded turnover of RMB 1.484 billion and fell 2.65%; China Southern CNI HK Equities Innovative Drugs ETF fell 2.56%; Fullgoal Hang Seng HK Equities Innovative Drugs And Health Care ETF fell 3.94%. On Thursday, GF CSI HK Innovative Drugs Industry ETF(QDII) recorded turnover of RMB 3.606 billion and fell 2.65%; China Universal CNI HK Equities Innovative Drugs ETF recorded turnover of RMB 1.387 billion and fell 2.52%; Huatai-PB Hang Seng Innovative Drugs ETF(QDII) fell 2.93%; Penghua CNI HK Equities Innovative Drugs ETF fell 2.70%. On Friday, Yinhua CNI HK Equities Innovative Drugs ETF fell 2.36% with turnover of RMB 525 million; Hwabao WP Hang Seng HK Innovative Drugs Selected ETF fell 2.26%; China Universal CNI HK Equities Innovative Drugs ETF recorded turnover of RMB 1.379 billion and fell 1.79%; GF CSI HK Innovative Drugs Industry ETF(QDII) recorded turnover of RMB 3.566 billion and fell 1.76%. Overall, most innovative drug ETFs declined this week, with losses widening from Wednesday to Friday in particular, although turnover remained elevated.

Information technology ETFs moved in close tandem with the semiconductor sector this week, leading gains early in the week before pulling back sharply. On Monday, ChinaAMC CSI HK Equities Information Technology Integration ETF rose 1.75% with turnover of RMB 405 million; Penghua CSI HK Equities Information Technology Integration ETF rose 1.71%; GF CSI HK Equities Information Technology Integration ETF rose 1.64%; E Fund CSI HK Equities Information Technology Integration ETF rose 1.61%; Fullgoal CSI HK Equities Information Technology Integration ETF rose 1.60%. On Tuesday, ChinaAMC CSI HK Equities Information Technology Integration ETF fell 3.69% with turnover of RMB 600 million; Fullgoal CSI HK Equities Information Technology Integration ETF fell 3.62%; Penghua CSI HK Equities Information Technology Integration ETF fell 3.64%; China Merchants CSI HK Equities Information Technology Integration ETF fell 3.64%; China Universal CSI HK Equities Information Technology Integration ETF fell 3.59%. On Wednesday, Hwabao CSI HK Equities Information Technology Integration ETF rose 0.73% with turnover of RMB 1.175 billion; ChinaAMC CSI HK Equities Information Technology Integration ETF rose 0.85% with turnover of RMB 395 million; Huatai-PB CSI HK Equities Information Technology Integration ETF rose 1.03%. On Thursday, Hwabao CSI HK Equities Information Technology Integration ETF fell 1.66% with turnover of RMB 773 million.

Financial ETFs stood out this week, driven by strength in mainland bank and brokerage stocks. On Monday, ChinaAMC CSI HK Equities Interior Finance ETF fell 2.25% with turnover of RMB 466 million; E Fund CSI HK Equities Interior Finance ETF fell 2.13%; Penghua CSI HK Equities Interior Finance ETF fell 2.16%. On Wednesday, ChinaAMC CSI HK Equities Interior Finance ETF recorded turnover of RMB 473 million and was flat. On Thursday, ChinaAMC CSI HK Equities Interior Finance ETF rose 1.35% with turnover of RMB 557 million; E Fund CSI HK Equities Interior Finance ETF rose 1.01%; Penghua CSI HK Equities Interior Finance ETF rose 0.87%.

Internet ETFs fluctuated overall this week, rebounding on Friday as AI application stocks surged. On Monday, Fullgoal CSI HK Equities Internet ETF recorded turnover of RMB 1.573 billion and fell 0.87%. On Tuesday, it recorded turnover of RMB 1.112 billion and fell 0.53%. On Wednesday, it recorded turnover of RMB 1.384 billion and fell 2.48%; Huaan CSI HK Equities Internet ETF fell 2.55%; China Southern CSI HK Equities Internet ETF fell 2.56%. On Thursday, Fullgoal CSI HK Equities Internet ETF recorded turnover of RMB 771 million and fell 2.00%. On Friday, ICBCCS CSI HK Equities Internet ETF rose 0.78%; China Southern CSI HK Equities Internet ETF rose 0.71%; Huaan CSI HK Equities Internet ETF rose 0.70%; Fullgoal CSI HK Equities Internet ETF recorded turnover of RMB 1.045 billion and rose 0.37%.

Dividend ETFs were relatively steady this week. On Tuesday, Invesco Great Wall CSI Guoxin HK Equities Central Enterprise Dividends ETF rose 1.82% with turnover of RMB 55 million; China Southern CSI Guoxin HK Equities Central Enterprise Dividends ETF rose 1.81%; GF CSI Guoxin HK Equities Central Enterprise Dividends ETF rose 1.80%. On Wednesday, Maxwealth CSI HK Equities Central Enterprise Dividends ETF rose 1.11%; Wanjia CSI HK Equities Central Enterprise Dividends ETF rose 1.08%; Invesco Great Wall CSI Guoxin HK Equities Central Enterprise Dividends ETF rose 0.99%; China Southern CSI Guoxin HK Equities Central Enterprise Dividends ETF rose 0.99%.

Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF(QDII) saw persistently active trading this week. It recorded turnover of RMB 8.996 billion and fell 1.10% on Thursday and turnover of RMB 8.365 billion and fell 2.19% on Friday, topping the activity rankings for two consecutive days.

Overall, the flow of capital in the ETF market showed clear divergence this week — innovative drug ETFs had the largest turnover but mostly declined, information technology ETFs led gains early in the week before retreating sharply, internet ETFs rebounded on Friday, financial and dividend ETFs offered a degree of defensiveness, and the China-Korea semiconductor ETF saw persistently active trading but declining prices.

V. Weekly Summary

The three major Hong Kong stock indices continued to weaken this week, with the Hang Seng Index down 3.30%, the Hang Seng TECH Index down 5.45% and the Hang Seng China Enterprises Index down 3.61% cumulatively.  Southbound capital recorded total net buying of about HKD 20.1 billion for the week. The market's core themes centred on the implementation of the Stock Connect list adjustment, the computing power hardware chain being catalysed by GPT-6 Astra, a dense cluster of innovative drug and biotech events, and volatility in new listings and newly eligible names. On the Mutual Market Access front, the Shanghai and Shenzhen stock exchanges stated their intention to promote the inclusion of REITs and RMB counters, the Hong Kong banking sector recommended exploring "IPO Connect", and the adjustment to the constituents of the Hang Seng Hong Kong-Listed Biotech Index was implemented after Friday's market close. BIDU-W was formally included in Stock Connect and added to three Hang Seng Stock Connect-related indices, as the eligible securities and index systems under the Mutual Market Access mechanism continued to deepen.

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