HK Stock Connect Daily Report: TRANSSION Rises 22.47% as It Joins the Stock Connect List - 20261112

I. Market Overview

On November 12, 2026, the three major Hong Kong indices opened lower across the board and traded below the previous close throughout the session, with losses widening through the afternoon before a modest rebound from the intraday low, and all three closed lower. The Hang Seng Index closed at 24,008.55, down 1.26%; the Hang Seng TECH Index closed at 3,931.93, down 2.36%; and the Hang Seng China Enterprises Index closed at 8,056.76, down 1.40%. Full-day turnover on the Hang Seng Index reached HKD 202.6 billion, up from HKD 180.7 billion a day earlier.

On the board, among Stock Connect constituent stocks, TRANSSION rose 22.47%, BAO PHARMA-B rose 21.08%, TH MEDICAL-B rose 11.49%, ILUVATAR COREX rose 8.85% and XUANZHUBIO-B rose 6.39%; on the downside, CREALITY fell 14.01%, BAIGE DIGITAL fell 10.61%, ZIJIN GOLD INTL fell 10.35%, CONANT OPTICAL fell 9.83% and DRINDA fell 9.15%. Biotech and semiconductor names advanced against the trend, while gold, solar and optical names lagged. Across the Stock Connect universe, 113 stocks rose, 539 fell and 15 were unchanged.

Southbound capital recorded net buying of HK$5.846 billion on the day, comprising net buying of HK$5.780 billion via Stock Connect (Shanghai) and HK$66 million via Stock Connect (Shenzhen), with the Shanghai leg far larger.

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. Southbound Net Buying Reaches HK$5.846 Billion as BABA-W Leads with HK$1.124 Billion

On November 12, southbound capital recorded net buying of HK$5.846 billion, comprising net buying of HK$5.780 billion via Stock Connect (Shanghai) and HK$66 million via Stock Connect (Shenzhen). By stock, BABA-W (09988.HK) led with HK$1.124 billion of net buying, followed by Z.AI (02513.HK) at HK$843 million, SMIC (00981.HK) at HK$497 million, KB LAMINATES (01888.HK) at HK$291 million and YOFC (06869.HK) at HK$148 million. On the sell side, XIAOMI-W (01810.HK) saw HK$74 million of net selling, TENCENT (00700.HK) HK$61 million and ZHONGJI INNOLIGHT (03308.HK) HK$30 million. BABA-W also ranked first by southbound turnover at HK$9.540 billion; no broad-based Hong Kong ETF appeared in the top ten by turnover.

2. TRANSSION Rises 22.47% as It Is Added to the Stock Connect List

On November 12, the Shenzhen Stock Exchange announced an adjustment to the list of Stock Connect eligible securities under its implementation rules, adding TRANSSION (02636.HK) with effect from November 12, 2026; the Shanghai Stock Exchange published a similar notice on November 11, effective from the next Stock Connect trading day. The company also said the overall coordinator had partially exercised the over-allotment option, issuing 6.5006 million additional H shares at HK$35.30 each for net proceeds of about HK$227 million; the stabilisation period for the global offering ended on November 11, bringing total proceeds from the H-share listing to about HK$3.288 billion. On November 12, the stock rose 22.47% to HK$46.44 on turnover of HK$491 million, topping the Stock Connect gainers and standing about 30% above its offer price.

3. Gold Slips Below USD 4,000 as ZIJIN GOLD INTL Falls 10.35%

On November 12, Hong Kong gold and precious metal names fell sharply. ZIJIN GOLD INTL (02259.HK) dropped 10.35% to HK$126.50 on turnover of HK$1.432 billion, with Lingbao Gold, Chifeng Gold and Shandong Gold also weaker. Spot gold broke below USD 4,000 an ounce in the early hours of November 12 Beijing time, closing around USD 3,987, and slipped further below USD 3,980 in Asian trading. On the macro side, US October CPI rose 0.4% month on month and core CPI 0.3%, both above expectations and marking a third consecutive month of upside surprises; markets have fully priced a 25 basis point Fed hike in December, the 10-year Treasury yield has returned to around 5% and the dollar index is hovering near 103, a year-to-date high. Gold industry ETFs available through Stock Connect fell across the board on the day, as detailed in item 5.

4. Semiconductor Names Outperform as ILUVATAR COREX Gains 8.85% and GPIXEL 6.39%

On November 12, Hong Kong semiconductor names advanced in an otherwise weak market. ILUVATAR COREX (09903.HK) rose 8.85% to HK$78.70 on turnover of HK$1.990 billion, GPIXEL (03277.HK) rose 6.39% to HK$51.60 and HUA HONG GRACE (01347.HK) rose 2.46%. Overseas, the Philadelphia Semiconductor Index gained 5.66% on November 11 US time, and AI cloud provider CoreWeave reported after the close on November 10 third-quarter revenue of USD 3.661 billion, up 168% year on year, with backlog rising to USD 132.5 billion and full-year revenue guidance raised to USD 13.0 billion to USD 13.3 billion. At the company level, ILUVATAR COREX said in a recent voluntary announcement that cumulative chip shipments for the ten months ended October 31, 2026 exceeded 80,000 units.

5. China-Korea Semiconductor ETF Tops Turnover at RMB 25.384 Billion as Gold ETFs Fall More Than 5% Across the Board

On November 12, turnover in Stock Connect-related ETFs expanded markedly. The Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF(QDII) (513310) fell 0.14% on RMB 25.384 billion of turnover and a turnover rate of 252.17%, ranking first; the GF CSI HK Innovative Drugs Industry ETF(QDII) (513120) fell 0.32% on RMB 7.877 billion, ranking second; and the E Fund CSI Overseas China Internet 50 ETF (513050) fell 3.32% on RMB 2.352 billion. On the gainer side, the Harvest S&P Oil & Gas Exploration and Production Selected Industry ETF(QDII) (159518) rose 4.18%, the Fullgoal product (513350) rose 3.43% and the China Universal Nasdaq Biotechnology ETF(QDII) (513290) rose 2.13%. On the decliner side, gold industry ETFs took the top six places with losses of between 4.87% and 5.39%, while the Maxwealth CNI HK Equities Internet ETF (159170) fell 3.48% and the E Fund CSI HK Equities Internet ETF (513040) fell 3.35%.