HK Stock Connect Daily Report: Southbound Net Buying Extends to a 12th Straight Day; CENTRAL NEW EGY Gains 10.40% - 20260922

I. Market Overview

On September 22, 2026, the three major Hong Kong stock indices closed slightly higher, with the Hang Seng Index up 0.18%, the Hang Seng TECH Index up 0.34%, and the Hang Seng China Enterprises Index up 0.28%. The Hang Seng Index recorded full-day total market turnover of HKD 249.2 billion.

On the board, among Stock Connect constituent stocks, CENTRAL NEW EGY rose 10.40%, DONGJIANG ENV rose 9.52%, HAIZHI TECH GP rose 9.15%, STAR SHINE HLDG rose 9.11% and CONANT OPTICAL rose 9.06%; on the downside, BLUE MOON GROUP fell 8.74%, HIPINE fell 8.73% and QINGSONG HEALTH fell 7.59%. AI and semiconductor names were active, with MONTAGETECH up 8.10%, TENCENT up 5.02% and ILUVATAR COREX up 3.18%; innovative drug concept stocks strengthened selectively, with CanSino Biologics up over 4% and XtalPi Holdings up over 2%.

Southbound capital recorded net buying of HK$12.691 billion on the day. Of this, Stock Connect (Shanghai) recorded net buying of HK$8.712 billion, and Stock Connect (Shenzhen) recorded net buying of HK$3.979 billion. Southbound funds have now recorded net buying for 12 consecutive trading days.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

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)

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.

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

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

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)

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.

IV. Industry and Corporate Updates

1. HKEX Launches Second-Stage Listing Regime Competitiveness Review Consultation, Raising the Major Transaction Threshold from 25% to 50%

On September 21, the Stock Exchange of Hong Kong, a wholly owned subsidiary of HKEX, published a consultation paper for the second stage of its listing regime competitiveness review, focusing on continuing obligations for issuers in respect of notifiable transactions, connected transactions and spin-offs, with a 10-week consultation period ending November 30, 2026. Proposals include removing the profits ratio test, abolishing the very substantial disposal and very substantial acquisition classifications, and raising the threshold requiring shareholder approval for a major transaction from 25% to 50%; raising the voting rights threshold for a connected subsidiary from 10% to 30%; and shortening the moratorium on spin-off listings after listing from three years to one year, while allowing qualifying issuers to self-assess compliance without prior approval from the Stock Exchange.

2. Turnover in Stock Connect ETFs Surges as Rules for Mainland Insurers to Invest in Hong Kong ETFs Take Effect

On September 22, trading in a number of Stock Connect ETFs under the mutual market access mechanism was notably active. Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF recorded turnover of RMB 9.355 billion, GF CSI HK Innovative Drugs Industry ETF RMB 7.100 billion, E Fund CSI Overseas China Internet 50 ETF RMB 3.037 billion, Fullgoal CSI HK Equities Internet ETF RMB 2.766 billion and E Fund CSI Hong Kong Securities Investment Theme ETF RMB 2.652 billion. The National Financial Regulatory Administration previously issued a document supporting mainland insurance institutions in investing in Hong Kong ETFs through Stock Connect; an institutional source said some insurers have recently received notices on the detailed rules or have started buying, with others expected to follow. This insurance fund activity is currently based on an institutional source and has not been officially confirmed.

3. Southbound Funds Extend Their Net Buying Streak to a 12th Day, with HK$12.691 Billion of Net Buying on September 22

Southbound capital continued to buy Hong Kong stocks on a net basis on September 22. Net buying for the single day reached HK$12.691 billion, of which Stock Connect (Shanghai) recorded HK$8.712 billion and Stock Connect (Shenzhen) recorded HK$3.979 billion, marking a 12th consecutive trading day of net buying in this run. According to market statistics, southbound funds hold about 19.53% of the total shares of Stock Connect eligible stocks, with 268 stocks seeing a holding ratio above 20%, led by healthcare, industrials and financials.

4. Apsara Conference Opens, Energising AI Supply Chain Names in Stock Connect

The 2026 Apsara Conference opened in Hangzhou on September 22, where Alibaba presented full-stack progress across AI chips, large models and cloud infrastructure: T-Head released the next-generation domestic AI chip Zhenwu V900, delivering three times the computing power of the previous-generation Zhenwu M890, while Alibaba Cloud targets more than 20GW of global data centre capacity by 2032. Stock Connect AI supply chain names were active on the day, with BABA-W (09988.HK) up 1.95%, TENCENT (00700.HK) up 5.02%, MONTAGETECH (06809.HK) up 8.10% and ILUVATAR COREX (09903.HK) up 3.18%.

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