HK Stock Connect Weekly: HSI Falls 0.22% for the Week, RMB Counters Proposed for Inclusion in Stock Connect, HQVT Surges Over 70%

I. Weekly Market Overview

NewTimeSpace News: In the week of 14-18 September 2026, Hong Kong's three major indices traded in a narrow, structurally divergent range. The Hang Seng Index fell 0.22% for the week to close at 24,750.78 points; the Hang Seng TECH Index rose 1.97% for the week, surging 2.20% on Friday alone to become the week's strongest theme; and the Hang Seng China Enterprises Index fell 0.25% for the week to close at 8,225.40 points. Average daily turnover was approximately HKD 202.6 billion, reflecting active market participation, with Friday's turnover expanding to HKD 266.5 billion, the highest single-day level of the week.

On the southbound front, all five trading days recorded net buying this week, showing a pattern of "sustained inflows tapering off on Friday": net buying of HKD 4.471 billion on Monday, HKD 881 million on Tuesday, HKD 2.099 billion on Wednesday, HKD 3.363 billion on Thursday, and HKD 1.193 billion on Friday. The full-week southbound net inflow totaled approximately HKD 12.007 billion. By channel, Stock Connect (Shanghai) recorded full-week net buying of HKD 7.663 billion, while Stock Connect (Shenzhen) recorded full-week net buying of HKD 1.991 billion; notably, the Shenzhen channel saw net selling of HKD 570 million on Wednesday and HKD 1.176 billion on Friday, while the Shanghai channel remained a net buyer throughout the week, reflecting a phase of divergence between the two channels.

II. Weekly Hot-Spot Sector Review

1. AI Computing Power and Optical Communications — HQVT Surges Over 70%; Optical Communications Stages a Friday Rally

The AI supply chain was the most volatile sector among Stock Connect targets this week, under pressure early on and rallying late. On Monday, disturbed by sentiment in the overseas AI industry chain, Hong Kong-listed memory chip, optical communications and AI-related stocks corrected across the board: CREALIGHTS (01191.HK) plunged 20.29%, DEEPZERO (02723.HK) fell 14.61%, Z.AI (02513.HK) dropped 9.08%, MINIMAX-W (00100.HK) fell 6.52% and CIG (06166.HK) dropped 8.71%. The sector stayed mixed on Tuesday, with MINIMAX-W down 7.05%, Z.AI down 5.69% and YOFC (06869.HK) down 0.90%. Capital flowed back markedly on Wednesday: SMIC (00981.HK) rose 4.77%, CREALIGHTS gained 16.65%, CIG rose 10.69%, MINIMAX-W added 1.45% and Z.AI climbed 5.88% on southbound turnover of HKD 7.897 billion and southbound net buying of HKD 3.122 billion, both ranking first in the market. The sector staged a broad rally on Friday: XIZHI TECH-P (01879.HK) soared 22.61%, MINIMAX-W jumped 18.92% (on turnover of HKD 6.424 billion, the highest in the market), GIGADEVICE (03986.HK) rose 9.73%, SMIC added 4.41% and Z.AI gained 5.41%.

At the stock level, HQVT (01392.HK) was the most consistently strong Stock Connect target this week: up 29.69% on Monday (presenting multispectral AI products and solutions at the 2026 China Emergency Exhibition), up 11.83% on Tuesday (its "Zhiyuan Qiyuan large model" obtained an official model service qualification in Shenzhen) and up 36.09% on Wednesday (multispectral AI entering a phase of large-scale volume ramp-up, with Frost & Sullivan naming its full-chain delivery capability). Its cumulative gains over the three trading days were substantial, placing it at the top of the week's Stock Connect gainers.

It is worth noting that HQVT's 36.09% gain on Wednesday was the largest single-day gain among Stock Connect targets this week, while 160 HEALTH (02656.HK) plunged 26.16% on Friday, with its share price retracing more than 90% from this year's March high to a record low — the largest single-day decline among Stock Connect targets this week.

2. Large Language Models and Internet Leaders — Z.AI Completes Placement, MINIMAX-W Surges on Heavy Volume Friday

The large-model sector endured pressure early in the week before exploding on Friday. On Monday Z.AI (02513.HK) fell 9.08% on southbound turnover of HKD 3.379 billion, the highest in the market, with southbound net buying of HKD 1.201 billion; it fell a further 5.69% on Tuesday as southbound turnover expanded to HKD 4.034 billion. Z.AI rebounded 5.88% on Wednesday, with southbound turnover surging to HKD 7.897 billion and southbound net buying of HKD 3.122 billion, making it the most active stock of the week. It rose 2.78% on Thursday on southbound turnover of HKD 5.509 billion, and gained 5.41% on Friday on southbound turnover of HKD 5.482 billion.

MINIMAX-W (00100.HK) swung sharply this week: down 6.52% on Monday and 7.05% on Tuesday, then up 1.45% on Wednesday and 7.06% on Thursday, before surging 18.92% on Friday on turnover of HKD 6.424 billion — the highest single-day turnover in the market — although southbound capital recorded net selling of HKD 113 million that day.

Among internet leaders, TENCENT (00700.HK) rose 0.51% on Monday and 1.90% on Tuesday (on southbound turnover of HKD 3.737 billion and southbound net selling of HKD 1.00 billion), fell 1.23% on Wednesday, 1.71% on Thursday, and 1.64% on Friday, when southbound turnover expanded to HKD 6.187 billion, the highest in the market. ALIBABA-W (09988.HK) fell 1.49% on Monday, rose 1.23% on Tuesday, added 0.62% on Wednesday, fell 1.04% on Thursday and rose 4.00% on Friday, though it saw southbound net selling of HKD 1.124 billion — the largest southbound net sale of any stock this week. BIDU-W (09888.HK) recorded southbound turnover of HKD 4.282 billion and southbound net buying of HKD 4.261 billion on Friday, the largest single-day southbound net buying of any Stock Connect stock this week.

3. Innovative Drugs and Biotechnology — Leading Gains Early in the Week, Correcting from Highs Later

The innovative drugs sector was strong first and weak later. On Monday it led the market: after HQVT, INNOCARE (09969.HK) rose 14.55% (its bispecific antibody ADC drug was approved to conduct clinical trials for the treatment of prostate cancer and other solid tumors), ASYMCHEM (06821.HK) gained 14.23% and STAR SHINE HLDG (01440.HK) climbed 13.82%. On Tuesday TH MEDICAL-B (02697.HK) surged 30.34% (signing a sales contract worth nearly RMB 100 million, further accelerating its commercialization) to top the day's gainers, with FOURSEMI (03625.HK) up 7.73%. The sector turned lower on Wednesday: CSTONE PHARMA-B (02616.HK) fell 12.62%, TH MEDICAL-B dropped 8.17%, ASCLETIS-B (01672.HK) fell 7.83% and INNOGEN-B (02591.HK) dropped 7.23%. On Thursday GENSCRIPT BIO (01548.HK) surged 14.31% (joining hands with Lilly TuneLab to connect AI drug discovery with experimental validation) on turnover of HKD 2.205 billion, while METIS TECHBIO-P (07666.HK) rose 12.70% and XUANZHUBIO-B (02575.HK) added 11.81%. TH MEDICAL-B fell a further 10.12% on Friday as the sector corrected from its highs.

At the stock level, TH MEDICAL-B saw the widest swings this week: up 30.34% on Tuesday, down 8.17% on Wednesday and down 10.12% on Thursday, flipping from gains to losses over three sessions and vividly illustrating the high volatility of the innovative drugs sector.

4. Robotics — Strong Friday Outbreak on Tesla Optimus Catalysts

Robot concept stocks moved sharply higher on Friday, with YUNJI (02670.HK) surging 21.78% on the dual catalysts of Tesla's Optimus factory audits in China and policy financing. AXERA (00600.HK) rose 16.60% as the launch of its new M9 series products and the mass production of the M57 landed simultaneously, with the company's intelligent driving and edge AI businesses expected to pick up as growth drivers. Southbound capital also showed increased interest in the related names that day, with YUNJI turning over HKD 536 million.

5. New Energy and Advanced Manufacturing — PATEO Wins First Overseas Nomination, CALB's Profit Alert Materializes

On Wednesday, PATEO (02889.HK) announced that it had received a formal project nomination notice from a leading domestic high-end new energy vehicle OEM, and was selected for the first time as a supplier for the next-generation overseas models under the customer's flagship brand, responsible for the R&D and mass-production delivery of high-end intelligent cockpit domain controllers and AI interaction systems based on Qualcomm's 8397 next-generation high-performance cockpit chip platform. The project's overseas footprint covers major global regions including Europe, Central and South America and Canada, the Middle East, Asia-Pacific, Central Asia, Africa and Oceania.

On Tuesday, DAJIN (01081.HK) rose 10.90% as European offshore wind expansion faces supply constraints, with the company's own transportation and shipbuilding building a new growth curve. On Thursday, CALB (03931.HK)'s profit alert materialized, with the company expecting its net profit for the first half of 2026 to double year on year.

6. Other Sector Highlights

PCB/copper-clad laminates: the KB group stayed active all week, with KB LAMINATES (01888.HK) up 3.12% on Wednesday on southbound turnover of HKD 2.298 billion and southbound turnover expanding further to HKD 3.332 billion on Thursday; KINGBOARD HLDG (00148.HK) rose 2.41% on Tuesday with southbound turnover of HKD 1.003 billion on Thursday.

Tobacco concepts: HUABAO INTL (00336.HK) rose 13.45% on Monday (as the domestic HNB regulatory framework further took shape, with its tobacco flavor business expected to benefit) and 11.78% on Thursday, before falling 6.98% on Friday — a wide weekly swing.

Consumption and entertainment: LIULIUMEI (06658.HK) rose 17.53% on Friday; CAOCAO INC (02643.HK) gained 14.58% on Wednesday (launching an AI ride-hailing service jointly with Doubao); ZHIDA TECH (02650.HK) rose 15.25% on Wednesday (landing its German plant together with its appearance at a Brazilian exhibition) on turnover of HKD 1.007 billion.

Brokerages: Chinese brokerage names tracked by Hong Kong securities ETFs were active on Tuesday and Wednesday, with the E Fund CSI Hong Kong Securities Investment Theme ETF (513090) turning over RMB 2.804 billion on Wednesday and RMB 3.010 billion on Friday.

Energy and shipping: CNOOC (00883.HK) ranked consistently high in southbound turnover this week, with HKD 857 million on Tuesday and HKD 1.941 billion on Thursday (southbound net selling of HKD 417 million).

Decliners: GALAXIS TECH (02729.HK) fell 10.42% on Thursday; SANY INT'L (00631.HK) fell 7.21% on Thursday to a new low for the month; BLUE MOON GROUP (06993.HK) dropped 14.65% on Friday; DELTON (01989.HK) fell 7.88% on Friday, with cornerstone investors' shares unlocking from the following Monday.

III. Key Stock Connect Events

1. Hang Seng HKEX Stock Connect China Enterprises Index Adjustment Takes Effect on 14 September, with NETEASE-S and CMOC Included

On 14 September, the quarterly review results of the Hang Seng HKEX Stock Connect China Enterprises Index as of 30 June 2026, announced by Hang Seng Indexes Company and HKEX, formally took effect. The index covers 80 large Chinese companies within the scope of mutual market access targets, and the number of constituent stocks remains at 80 this time, with NETEASE-S (09999) and CMOC (603993.SH) added and SHANXI FEN WINE (600809.SH) and HAITIAN FLAV (603288.SH) removed. Also taking effect the same day were the optimization of the compilation methodology of the HKEX Tech 100 Index and the corresponding constituent stock adjustments; the methodology expands coverage of emerging technology trends such as the AI industry chain, and adjusts the calculation of constituent stock weights, lowering the weight cap for a single constituent stock and adding an industry weight cap.

2. Hong Kong Publishes Its First Five-Year Plan and the 2026 Policy Address, Proposing to Include RMB Counters in Stock Connect

On 16 September, the Chief Executive of the Hong Kong Special Administrative Region published Hong Kong's first "First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (2026-2030)" and the "Chief Executive's 2026 Policy Address". The Policy Address proposed a series of measures to optimize the securities market, including: the Securities and Futures Commission of Hong Kong is preparing to include RMB counters in Stock Connect, and HKEX will encourage listed companies to add RMB counters; HKEX will launch a consultation in the first half of next year on revising the listing regime for specialist technology companies, including a review of the market capitalization threshold, so as to attract enterprises in emerging industries such as aerospace to raise funds in Hong Kong; the SFC will launch a consultation in 2027 on streamlining prospectus disclosure requirements; and HKEX will launch the "HKEX Offshore RMB Bond Index" as a reference for market trends and as an underlying for ETFs. The Five-Year Plan sets out 105 indicators in total and proposes supporting leading mainland and overseas industry players as well as high-quality emerging industry enterprises to list in Hong Kong, and improving and expanding the financial market interconnectivity mechanism.

3. Z.AI Completes Placing of 21.965 Million New H Shares and Issues Convertible Bonds with an Aggregate Principal Amount of RMB 20.14 Billion

On 18 September, Z.AI (02513.HK) announced that all conditions precedent to the placing under the placing agreement had been fulfilled and the placing was completed on 16 September 2026. The company successfully allotted and issued a total of 21.965 million new H shares to no fewer than six placees at the placing price of HKD 714.00 per share, accounting for approximately 4.50% of the total number of issued shares as enlarged by the allotment and issue of the placing shares. Gross proceeds from the placing totaled approximately HKD 15.683 billion, with net proceeds of approximately HKD 15.664 billion. At the same time, bonds with an aggregate principal amount of RMB 20.14 billion were completed for issue on 18 September, with gross proceeds of approximately USD 3.016 billion and net proceeds of approximately USD 3.011 billion.

4. LYGEND RESOURCE's A-Share IPO Subscription Officially Launched, at an Issue Price of RMB 21.23 per Share

On 18 September, LYGEND RESOURCE (02245.HK) officially opened its A-share subscription at an issue price of RMB 21.23 per share, and is about to list on the Main Board of the Shenzhen Stock Exchange. According to the prospectus, benefiting from the recovery in nickel prices, the gradual release of newly built smelting capacity and the continued expansion of downstream market demand, the company expects net profit attributable to owners of the parent company for the nine months ended 30 September 2026 to be approximately RMB 3.15 billion to RMB 3.25 billion, up approximately 54.0% to 58.9% year on year.

5. China Resources Pharmaceutical Commercial and SBP GROUP Sign a Strategic Cooperation Agreement Targeting a Cooperation Scale of RMB 10 Billion

On 18 September, CHINARES PHARMA (03320.HK) announced that its China Resources Pharmaceutical Commercial and SBP GROUP (01177.HK) had signed a strategic cooperation agreement. Under the announcement, the two parties will deepen cooperation in areas such as pharmaceutical commercial distribution, supply chain coordination, drug development, market access, DTP pharmacies and patient disease management, and jointly build a new type of industry-commerce partnership featuring R&D moving upstream, coordinated launch and an end-to-end connected commercialization chain, with the strategic goal of achieving a cooperation scale of RMB 10 billion. On the same day, XUNCE (03317.HK) entered into a memorandum of cooperation with GP Capital to jointly explore an AI-native, Token-native portfolio ecosystem; LCC TECHNOLOGIES, a subsidiary of XTALPI (02228.HK), entered into a drug discovery cooperation agreement with Stanford University; and GENSCRIPT BIO (01548.HK) reached cooperation with Lilly TuneLab(TM).

6. Industry and Corporate Developments at a Glance

Stock Connect company developments this week were most concentrated along two main lines: pharmaceuticals and technology. On the pharmaceutical side, HANSOH PHARMA (03692.HK) had a marketing application for a small cell lung cancer treatment included in the priority review and approval procedure by the National Medical Products Administration, and BIOHEART-B (02185.HK) entered into a strategic cooperation agreement on the commercialization of a bioresorbable coronary stent; GENSCRIPT BIO (01548.HK), meanwhile, completed a placing of 77.126 million new H shares for net proceeds of approximately HKD 2.327 billion to support subsequent R&D investment. On technology and industrial consolidation, SBP GROUP (01177.HK) agreed to indirectly acquire a 5% stake in Chia Tai Tianqing for RMB 4.48 billion, lifting its shareholding to 65%, while CHINAHONGQIAO (01378.HK) agreed to acquire two grid-connected photovoltaic power generation projects in Yunnan for approximately RMB 240 million, reflecting leading companies' approach of strengthening core business synergies through equity and asset consolidation.

M&A, placings and earnings disclosure were active in parallel. On the financing side, GENSCRIPT BIO, QUANTGROUP (02685.HK) and JOLIMARK (02028.HK) successively advanced placings during the week, raising several billion Hong Kong dollars in aggregate, reflecting new-economy names accelerating capital replenishment in a window of recovering share prices; on the buyback side, TENCENT (00700.HK) repurchased shares for approximately HKD 101 million on 15 September, continuing the market-capitalization management actions of leading companies. On the earnings side, INSILICO (03696.HK), FINELAND LIVING (09978.HK) and LEEPORT(HOLD) (00387.HK) successively disclosed interim or half-year results, among which INSILICO grew revenue by 287% year on year and turned profitable, with earnings recovery a fairly common trend among pharmaceutical and consumer services companies.

IV. Stock Connect-Related A-Share ETF Rankings (Weekly Focus)

This week, Stock Connect-related A-share ETFs showed a pattern of "semiconductor ETFs seeing sustained heavy turnover, innovative drug ETFs strong first and weak later, and information technology ETFs rallying on Friday".

On the semiconductor ETF front, the Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF(QDII) (513310) was consistently the most actively traded Stock Connect-related A-share ETF this week: it turned over RMB 6.765 billion on Monday, down 2.09% against the trend; turnover surged to RMB 11.313 billion on Tuesday with a turnover rate of 97.04%, up 0.52%; turnover expanded further to RMB 16.346 billion on Wednesday with a turnover rate of 138.33%, up 2.71%; it turned over RMB 9.456 billion on Thursday with a turnover rate of 79.33%, down 0.82%; and it turned over RMB 12.343 billion on Friday with a turnover rate of 101.76%, up 2.07%. Over the full week, the product continued to attract capital interest amid the repeated activity in the semiconductor sector.

On the innovative drug ETF front, the week was strong first and weak later. On Monday, innovative drug ETFs led the entire market: the Harvest CSI HK Equities Innovative Drugs ETF (520970) rose 4.79%, the China Southern Hang Seng Biotechnology Technology ETF(QDII) (159615) gained 4.52%, the Huatai-PB Hang Seng Biotechnology Technology ETF (513930) rose 4.42%, the GF CSI HK Innovative Drugs Industry ETF(QDII) (513120) gained 4.39% on turnover of RMB 7.021 billion, and the Wanjia CSI HK Equities Innovative Drugs ETF (520700) rose 4.35%. On Tuesday, innovative drug ETFs corrected with pharmaceutical names: the GF CSI HK Innovative Drugs Industry ETF(QDII) turned over RMB 3.994 billion, down 1.09%, and the China Universal CNI HK Equities Innovative Drugs ETF (159570) turned over RMB 1.069 billion, down 1.19%. Innovative drug ETFs led declines on Wednesday: the E Fund Hang Seng HK Innovative Drugs ETF (159316) fell 1.25%, the Bosera Hang Seng HK Innovative Drugs Selected ETF (520690) fell 1.26%, the Fullgoal Hang Seng HK Equities Innovative Drugs And Health Care ETF (159506) fell 1.29% and the Huatai-PB Hang Seng Innovative Drugs ETF(QDII) (520500) fell 1.54%. They recovered with pharmaceutical names on Thursday: the GF CSI HK Innovative Drugs Industry ETF(QDII) turned over RMB 6.164 billion, up 1.74%, and the China Universal CNI HK Equities Innovative Drugs ETF turned over RMB 1.442 billion, up 0.93%. They extended modest gains on Friday: the GF CSI HK Innovative Drugs Industry ETF(QDII) turned over RMB 6.979 billion, up 0.70%, and the China Universal CNI HK Equities Innovative Drugs ETF turned over RMB 1.472 billion, up 0.43%.

On the information technology ETF front, weekly moves were highly correlated with AI hardware stocks, with a pronounced Friday rally. On Tuesday, the Hwabao CSI HK Equities Information Technology Integration ETF (159131) turned over RMB 1.101 billion with a turnover rate of 55.99%, down 1.29%. On Wednesday, the E Fund CSI HK Equities Information Technology Integration ETF (159196) rose 2.90%, the ChinaAMC CSI HK Equities Information Technology Integration ETF (526000) gained 2.65% and the Fullgoal CSI HK Equities Information Technology Integration ETF (159198) rose 2.63%; the Hwabao CSI HK Equities Information Technology Integration ETF turned over RMB 1.113 billion with a turnover rate of 56.65%, up 2.50%. The sector rallied across the board on Friday: the Hwabao CSI HK Equities Information Technology Integration ETF rose 4.48% on turnover of RMB 1.639 billion and a turnover rate of 80.77%, topping the day's gainers, while the China Merchants CSI HK Equities Information Technology Integration ETF (526050) rose 4.32%, the Huatai-PB CSI HK Equities Information Technology Integration ETF (526060) gained 4.28%, the ChinaAMC CSI HK Equities Information Technology Integration ETF added 4.25% and the Fullgoal CSI HK Equities Information Technology Integration ETF rose 4.24%.

On the internet ETF front, the week was broadly range-bound. On Monday, the Fullgoal CSI HK Equities Internet ETF (159792) turned over RMB 1.173 billion and closed flat; on Tuesday it turned over RMB 1.050 billion and again closed flat. On Wednesday, the China Southern CSI HK Equities Internet ETF (520650) fell 1.42%, among the day's leading decliners. On Thursday, the Fullgoal CSI HK Equities Internet ETF turned over RMB 1.385 billion, down 1.12%; on Friday it turned over RMB 1.313 billion, up 1.89%.

Taken together, the capital flow picture in the ETF market this week was clear — a three-tier heat structure of semiconductor ETFs > innovative drug ETFs > internet ETFs persisted throughout. Semiconductor ETFs, driven by the repeated activity in the AI computing supply chain, kept turnover and turnover rates at elevated levels, with the Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF(QDII) exceeding RMB 56 billion in cumulative weekly turnover; innovative drug ETFs posted the week's largest single-day gains on the early-week sector rally before cooling as pharmaceutical names corrected from highs later in the week; and internet ETFs, affected by the broad range-bound performance of internet leaders, saw steady turnover with gains and losses alternating, and only recorded meaningful gains on Friday as the Hang Seng TECH Index surged 2.20%.

V. Market Notes

Constituent List Adjustment: No Stock Connect constituent list adjustments occurred this week. The main index-level change was the quarterly review results of the Hang Seng HKEX Stock Connect China Enterprises Index taking effect on 14 September, with NETEASE-S (09999) and CMOC (603993.SH) added and SHANXI FEN WINE (600809.SH) and HAITIAN FLAV (603288.SH) removed, keeping the constituent count at 80. On the same day, the "Hang Seng Stock Connect High Dividend Low Volatility Index" was officially renamed the "Hang Seng Stock Connect Dividend Low Volatility Index", with the China Merchants Hang Seng HK High Dividend Low Volatility ETF (520550) tracking the index and its feeder fund completing the renaming of their full names on the same day, while the fund code and on-exchange short name remained unchanged.

Interconnectivity Policy Developments: On 16 September, the "Chief Executive's 2026 Policy Address" proposed that the Securities and Futures Commission of Hong Kong is preparing to include RMB counters in Stock Connect, and that HKEX will encourage listed companies to add RMB counters; that HKEX will launch a consultation in the first half of next year on revising the listing regime for specialist technology companies; that the SFC will launch a consultation in 2027 on streamlining prospectus disclosure requirements; and that HKEX will launch the "HKEX Offshore RMB Bond Index".

VI. Weekly Summary

Hong Kong equities traded in a narrow, structurally divergent range this week, with the HSI down 0.22% for the week, the HSTECH up 1.97% and the Hang Seng China Enterprises Index down 0.25%. The core market narrative revolved around the sharp swings in the AI supply chain: early in the week, disturbed by sentiment in the overseas AI industry chain, memory chip, optical communications and AI-related stocks corrected across the board, with CREALIGHTS and DEEPZERO each falling more than 14% in a single session; capital flowed back markedly on Wednesday, when Z.AI recorded single-day southbound turnover of HKD 7.897 billion and southbound net buying of HKD 3.122 billion, both ranking first in the market; and the sector staged a broad rally on Friday, lifting the Hang Seng TECH Index 2.20% in a single session, as XIZHI TECH-P rose 22.61% and MINIMAX-W gained 18.92%, driving information technology ETFs up more than 4% collectively. The innovative drugs sector was strong first and weak later, led early in the week by INNOCARE and ASYMCHEM before correcting from Wednesday, although GENSCRIPT BIO still surged 14.31% on Thursday. At the stock level, HQVT led gains from Monday to Wednesday on its multispectral AI volume-ramp narrative, making it the strongest Stock Connect target this week, while YUNJI surged 21.78% on Friday on Tesla Optimus catalysts. Southbound capital recorded net buying on all five trading days, totaling approximately HKD 12.007 billion, of which Stock Connect (Shanghai) contributed net buying of HKD 7.663 billion for the week.

On the interconnectivity front, the week brought several major developments: the quarterly review results of the Hang Seng HKEX Stock Connect China Enterprises Index took effect on 14 September, with NETEASE-S and CMOC included; the "Hang Seng Stock Connect High Dividend Low Volatility Index" was officially renamed the "Hang Seng Stock Connect Dividend Low Volatility Index"; Hong Kong published its first five-year plan and the 2026 Policy Address, proposing to include RMB counters in Stock Connect, optimize the listing regime for specialist technology companies and launch an offshore RMB bond index; Z.AI completed the placing of 21.965 million new H shares and issued convertible bonds with an aggregate principal amount of RMB 20.14 billion; and LYGEND RESOURCE officially launched its A-share IPO subscription at an issue price of RMB 21.23 per share. These events show Hong Kong deepening its index compilation and market connectivity, with the weight of technology and AI themes steadily rising.

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