NewTimeSpace | Hong Kong Market Close: Three Major Indices Close Lower, Hang Seng Index Falls 0.98%; Hardware Equipment and Semiconductor Themes Strengthen

NewTimeSpace News: On November 11, 2026, Hong Kong's three major indices closed lower, with the Hang Seng Index down 0.98%, the Hang Seng Tech Index down 1.41% and the Hang Seng China Enterprises Index down 1.14%. Market turnover for the day was HKD 180.7 billion, an increase from the previous trading day. Southbound funds recorded a net inflow of HKD 4.572 billion.

By sector, themes such as hardware equipment, semiconductors and machinery strengthened, while consumer, software services, and automobiles and auto parts posted the largest declines.

Among Hang Seng Index constituents, 22 advanced and 72 declined. BUD APAC fell 4.2%, BYD COMPANY fell 3.8%, MEITUAN-W fell 3.5%, LI AUTO-W fell 3.4% and NETEASE fell 3.4%. On the upside, SMIC rose 3.7%, CATL rose 2.5%, LENOVO GROUP rose 2.4% and OOIL rose 2.1%.

Among Hang Seng Tech Index constituents, 7 advanced and 23 declined, with XPENG-W down 3.1%. On the upside, MINIMAX-W rose 4.0%; Z.AI rose 3.6% on its proposal to repurchase H shares in an amount not exceeding HKD 4 billion under a general mandate; and ILUVATAR COREX rose 3.1%.

Among Stock Connect constituents, CIG rose 23.1%, KINWONG rose 18.8%, DTECH rose 15.5%, REALORD TECH rose 15.1% and CREALIGHTS rose 14.8%. On the downside, BAIGE DIGITAL fell 72.1%, CREALITY fell 25.1%, TOPNC fell 10.1%, MICOT PHARMA-B fell 7.8% and IMPACT THERAP-B fell 7.4%.

CITIC Securities noted that Hong Kong market liquidity has been generally tight since the start of 2026, with the core issue being a mismatch between increased equity supply and limited absorbing capital. On the demand side, the trend of foreign outflows has reversed, with full-year net inflows projected at HKD 110.4 billion; southbound flows, however, have been constrained by a weaker wealth effect and the appreciation of the renminbi, slowing to an estimated HKD 452 billion for the year.

On the supply side, IPOs and refinancing are expected to total close to HKD 1 trillion for the year, together with about HKD 1.19 trillion of lock-up expiries, which will be difficult for incremental capital to absorb. As a result, market liquidity is likely to remain tight over the coming months, with the market possibly dominated by structural opportunities and the importance of sector rotation coming to the fore. (Source: CITIC Securities, "Hong Kong Market Liquidity and Capital Flows Tracking Series (1)—Liquidity Remains Tight; Focus on Sector Rotation")