HK Stock Connect Daily Report: BAIGE DIGITAL Surges 27.81% as Q3 MaaS Revenue Reaches RMB 25.6 Million - 20261026

I. Market Overview

On October 26, 2026, the three major Hong Kong indices opened higher and pulled back after an early advance, briefly turning lower across the board before closing mixed, with the Hang Seng Index and the Hang Seng China Enterprises Index up and the Hang Seng TECH Index down. The Hang Seng Index closed at 23,211.81, up 0.51%; the Hang Seng TECH Index closed at 3,857.53, down 0.37%; and the Hang Seng China Enterprises Index closed at 7,802.09, up 0.59%. Full-day turnover on the Hang Seng Index reached HKD 175.8 billion, sharply below HKD 249.8 billion a day earlier.

On the board, among Stock Connect constituent stocks, BAIGE DIGITAL rose 27.81%, ONEROBOTICS rose 14.23%, EVERG SERVICES rose 12.21%, ZHIDA TECH rose 12.17% and FIH rose 9.81%; on the downside, ABLE DIGITAL fell 12.16%, KEYTOP PARKING fell 11.96%, KINWONG fell 11.84%, LEPU BIO fell 10.87% and 51WORLD fell 9.85%. Insurance technology, embodied intelligence and property management names advanced against the trend, while AI hardware, PCB and semiconductor names pulled back.

Southbound capital recorded net selling of HK$2.075 billion on the day, comprising net selling of HK$732 million via Stock Connect (Shanghai) and net selling of HK$1.344 billion via Stock Connect (Shenzhen), with the Shenzhen channel selling about 1.8 times as much as the Shanghai channel.

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. BAIGE DIGITAL Jumps 27.81% to Top the Stock Connect Gainers as Q3 MaaS Revenue Rises 29.33% QoQ

On October 26, BAIGE DIGITAL (02672.HK) closed up 27.81% at HKD 97.90 with turnover of HK$212 million, the largest gain among Stock Connect stocks on the day. In a voluntary announcement dated October 21, the company said third-quarter revenue from its model-as-a-service (MaaS) business reached about RMB 25.6 million, up about 29.33% from about RMB 19.8 million in the second quarter. The company packages its model capabilities in risk identification, precision pricing, intelligent underwriting and claims risk control into standardised services billed by call volume. Measured by 2025 gross premiums, the company ranked first among third-party scenario-based internet insurance intermediaries in China with a 3.1% market share, and its MaaS revenue grew about 579.8% year on year in the first eight months of 2026.

2. Physical AI Theme Strengthens as ONEROBOTICS Gains 14.23% and DOBOT 8.92%

On October 26, Hong Kong-listed embodied intelligence and physical AI names advanced collectively, with ONEROBOTICS (06600.HK) up 14.23% and DOBOT (02432.HK) up 8.92%. ONEROBOTICS said that in the first half of 2026 its three new embodied products - the onero H1 humanoid home robot, the Acemate sports robot and the KATA Friends companion robot - ramped up revenue together and contributed 65.4% of the revenue increment of its AI embodied home robot systems. The company released its proprietary world action model OneModel 1.7 FrontoStria-RL in May, closing the loop from world understanding and task planning to action execution and real-world deployment feedback so that core intelligence can be reused across robot forms, and it won Shenzhen's first embodied intelligence data infrastructure project worth RMB 44.95 million. At the industry level, the extension of general large models into robot task planning and motion decisions has been the main catalyst for the sector.

3. EVERG SERVICES Rises 12.21% as the Sale of Its Controlling Shareholder's Stake Enters Exclusive Talks

On October 26, EVERG SERVICES (06666.HK) closed up 12.21% at HKD 1.195 with turnover of HK$95 million. The company announced on September 30 that the seller had signed an exclusivity agreement with a selected bidder covering the 51.01% stake in EVERG SERVICES held by China Evergrande, a transaction that would change control of the company; media reports identify PAG as the potential buyer. Operationally, first-half 2026 revenue was RMB 6.943 billion, up about 4.5% year on year, with net profit attributable to shareholders of RMB 517 million, up about 9.5%, gross floor area under management of about 603 million square metres and a gross margin that rose from 18.0% to 19.2%. On the liquidation, claims filed against China Evergrande total about HK$360 billion, of which the liquidators have realised about HK$3.4 billion.

4. Southbound Net Selling Reaches HK$2.075 Billion as Z.AI Attracts HK$431 Million of Net Buying

On October 26, southbound capital recorded net selling of HK$2.075 billion, comprising net selling of HK$732 million via Stock Connect (Shanghai) and net selling of HK$1.344 billion via Stock Connect (Shenzhen), with both channels selling. At the stock level, TENCENT (00700.HK) topped southbound turnover at HK$3.061 billion with net selling of HK$175 million; MINIMAX-W (00100.HK) recorded turnover of HK$2.261 billion and net buying of HK$74 million; Z.AI (02513.HK) recorded turnover of HK$2.181 billion and led net buying at HK$431 million, with BIDU-SW (09888.HK) drawing HK$265 million of net buying. On the sell side, ALIBABA-W (09988.HK) led with net selling of HK$602 million, followed by CNOOC (00883.HK) at HK$504 million and SMIC (00981.HK) at HK$315 million.

5. Brazil Election Result Hits Markets as Two Brazil ETFs Fall by the Daily Limit

On October 26, Brazil's presidential election result emerged with Lula winning, stoking concern that his policy stance would reverse the trades built around the right-wing candidate. A Brazil equity index tracker ETF listed in Tokyo fell as much as 16% from the previous close intraday, its steepest one-day drop since 2020, while the two Brazil ETFs in the A-share market hit the daily limit, with E Fund Itaú Unibanco IBOVESPA ETF(QDII) (520870) down 10.02% and ChinaAMC Bradesco Brazil Ibovespa ETF(QDII) (159100) down 10.01%. Dividend theme ETFs listed in Hong Kong bucked the trend, with China Southern CSI Guoxin HK Equities Central Enterprise Dividends ETF (520660) up 1.82%, Invesco Great Wall CSI Guoxin HK Equities Central Enterprise Dividends ETF (520990) up 1.60% and GF CSI Guoxin HK Equities Central Enterprise Dividends ETF (520900) up 1.58%, all three tracking the CSI Guoxin HK Equities Central Enterprise Dividends Index. Semiconductor and information technology themes continued to retreat, with Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF(QDII) (513310) down 2.99% on RMB 8.531 billion of turnover, still the highest among the funds covered.