HK Stock Connect Daily Report: RIGOL Leads with a 20.36% Gain as KB LAMINATES Rises 11.68% - 20260923

I. Market Overview

On September 23, 2026, the three major Hong Kong stock indices fell collectively, with the Hang Seng Index down 1.01%, the Hang Seng TECH Index down 1.33%, and the Hang Seng China Enterprises Index down 1.06%. Full-day turnover on the Hang Seng Index reached HKD 184.3 billion, a clear contraction from HKD 249.2 billion on the previous trading day.

On the board, among Stock Connect constituent stocks, RIGOL rose 20.36%, KB LAMINATES rose 11.68%, ABLE DIGITAL rose 11.47%, AUNTEA JENNY rose 11.44% and DMALL rose 11.21%; on the downside, REALORD TECH fell 22.97%, YUNJI fell 16.49% and Z.AI fell 12.40%. The internet sector weakened broadly, with TENCENT down 2.35% and BABA-W down 4.36%, dragging Hang Seng internet ETFs to the bottom of the rankings.

Southbound capital recorded net buying of HK$3.449 billion on the day.Stock Connect (Shanghai) recorded a net buying of 4.423 billion HKD, while Stock Connect (Shenzhen) recorded a net selling of 975 million HKD.

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. RIGOL Tops Stock Connect Gainers with a 20.36% Rise as AI Computing Drives Test Instrument Demand

On September 23, RIGOL (00537.HK) closed up 20.36%, with its A-share hitting the 20% limit the same day. The core driver is the upgrading of high-speed interconnect driven by AI computing buildout: as data centre networks move toward 800G and 1.6T, higher requirements for signal integrity and yield control on high-speed connectors, cables and high-end PCBs are lifting demand for vector network analyser (VNA) testing. Huatai Securities believes testing is moving toward higher frequencies, more ports and greater automation, which should drive both volumes and prices for VNAs, with domestic vendors well placed given their RF and microwave expertise and import substitution. In the first half of 2026 the company recorded revenue of about RMB 487 million, up 37.15% year on year, and net profit attributable to shareholders of about RMB 37.15 million, up 129.08%, with recurring net profit turning positive and gross margin rising to 54.65%. The company also announced an extraordinary general meeting on October 13 to consider, among other items, a 2026 restricted share incentive plan.

2. KB LAMINATES Rises 11.68% as the Seventh Price Hike and AI Data Centre Demand Converge

On September 23, KB LAMINATES (01888.HK) rose 11.68% against the market on turnover of HKD 6.751 billion. Morgan Stanley expects the global copper clad laminate (CCL) total addressable market to grow from USD 19 billion in 2025 to USD 47 billion in 2030, a compound annual growth rate of about 20%, with AI and data centre applications contributing nine tenths of the incremental growth. On the industry front, the company has issued its seventh price adjustment notice this year, with cumulative increases in FR-4 laminates exceeding 100%; electronic grade glass fabric prices have also more than doubled year to date, with China Jushi raising electronic fabric prices by 15% to 20% in September and Jiangxi Hongruixing lifting ex-works prices by 10% on September 22. The company reported first-half 2026 net profit attributable to shareholders of HKD 2.887 billion, up 209% year on year. In addition, parent Kingboard Holdings increased its stake by 800,000 shares on September 21 at an average price of about HKD 46.8 per share, for about HKD 37.5 million.

3. Southbound Funds Have Bought More Than HKD 420 Billion Net Year To Date, with Allocations Concentrating in AI Names

According to Wind data cited on September 23, southbound funds had net bought more than HKD 420 billion of Hong Kong stocks year to date as of September 22, including HKD 54.103 billion in September, more than five times the August figure. At the stock level, allocations were concentrated in leading names: as of September 21, Z.AI (02513.HK) had attracted HKD 8.554 billion of southbound net buying over the prior seven trading days, the highest on the list, followed by BIDU-W (09888.HK) with HKD 4.261 billion. Over the same period, XIAOMI-W, BABA-W and TENCENT saw net selling of HKD 1.183 billion, HKD 1.000 billion and HKD 967 million respectively, as funds rotated within the internet sector from established platforms toward companies with AI business upside.

4. Internet Sector Pullback Weighs on Related ETFs as Innovative Drug and Semiconductor ETFs Lead Turnover

On September 23, Hang Seng internet ETFs led declines, with Huaan Hang Seng Internet Technology Industry ETF down 2.08%, ChinaAMC Hang Seng Internet Technology Industry ETF down 2.25% and Wanjia Hang Seng Internet Technology Industry ETF down 2.35%. Meanwhile, innovative drug and semiconductor products traded actively, with GF CSI HK Innovative Drugs Industry ETF recording turnover of RMB 6.463 billion, Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF RMB 5.979 billion, E Fund CSI Hong Kong Securities Investment Theme ETF RMB 1.938 billion and China Universal CNI HK Equities Innovative Drugs ETF RMB 1.761 billion.

Summary:

On September 23, Hong Kong stocks fell, with the HSI down 1.01%. RIGOL led Stock Connect with a 20.36% gain and southbound net buying of HK$3.449 billion.

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