During the week (31 August to 4 September), Hong Kong equities diverged: the HSI rose 0.26%, the Hang Seng TECH Index fell 0.77% and the HSCEI rose 0.76%, with net southbound inflows of about HK$ 7.363 billion for the full week. The HSI quarterly review took effect, adding Hua Hong Grace and Weichai Power, while Iluvatar CoreX joined the HSTECH; Goldman Sachs expects USD 870 million of passive inflows into tech hardware and semiconductors. The MSCI China Index review took effect, adding Z.AI and Kingboard Holdings. Baidu completed its dual primary listing and could join Stock Connect as early as 7 September. The AI application sector led gains on OpenAI's GPT-6 Astra release, with PHANCY up nearly 15%; HUTCHMED's major licensing deal with GSK triggered a breakout in innovative drug names. Semiconductors diverged sharply, with Hua Hong Grace tumbling 8.43% despite its HSI inclusion.
Hong Kong's recently listed stocks were mixed this week, with UNISOUND up 32.31% to lead the gains and MININGLAMP-W and TOPNC up over 23%; SHEIN-W and MECH-MIND ROBOTICS fell over 21% in their debut week, while CF PHARMTECH dropped 24.19%, the worst performer. AUX ELECTRIC fell only 5.05% on the week after releasing 1.301 billion shares from lock-up. MINIMAX-W's average daily turnover of HKD 7.168 billion overtook Z.AI for the top spot. DEEPZERO extended its cumulative gain to 1,599% to keep leading, while ZG GROUP-W was the most deeply discounted at 93.05% below its IPO price. Only three stocks face lock-up expiries next week, all of small size.
This week's two main lines of overseas expansion were global licensing of innovative drugs and Hong Kong listings. HUTCHMED out-licensed global rights to its KRAS-EGFR conjugate drug to GSK, with milestone payments totalling up to USD 1.295 billion; SBP GROUP licensed TQB2102 to Cipla for up to USD 123 million; and KEYMED BIO-B reached an exclusive licensing deal for stapokibart covering 18 countries and regions. On the financing front, SHEIN-W listed at HKD 48.56 per share with total proceeds of approximately HKD 13.596 billion, ANJI TECHNOLOGY and AMLOGIC advanced their H-share offerings, and LONGSYS priced its H shares at HKD 236. MAN WAH HLDGS raised its stake in UK-based DFS to 8.58% for approximately HKD 132 million, HONGHUA GROUP signed RMB 600 million in drilling rig orders in the Middle East, and BYD COMPANY and GEELY AUTO sustained export growth in August.
On September 4, all three major Hong Kong indices advanced, with the Hang Seng Index up 1.74% to 25,650.87 points and the Hang Seng TECH Index up 2.27%, on markedly expanded turnover of HKD 276.857 billion. AI application plays led the gains, with PHANCY up 14.66% and MARKETINGFORCE up 13.52% following OpenAI's release of GPT-6 Astra; mainland property developers extended gains, with SUNAC up 14.29%; innovative drug plays gained broadly, with AKESO up 11.45%. Semiconductor stocks plunged against the trend, with HUA HONG GRACE down 8.43% and GENSCRIPT BIO down 13.33%. Southbound capital recorded net selling of HKD 10.021 billion. The Hang Seng quarterly review takes effect today, and Goldman Sachs expects passive inflows of USD 870 million into tech hardware and semiconductors.
On September 4, 2026, the three major Hong Kong indices opened higher and rebounded, with the Hang Seng Index up 1.74%, the Hang Seng TECH Index up 2.27%, and the Hang Seng China Enterprises Index up 2.02%.On that day, the majority of AI concept stocks rose, with the large model and intelligent driving themes mostly strengthening, while AI chips broadly weakened.
Weekly Hong Kong ETFs Average Return Statistics (by Fund Manager) (Third Week of August 2026)
Weekly Hong Kong ETFs Return Statistics (First Week of September 2026)
Weekly Shanghai-Shenzhen Stock Connect ETF Average Return Statistics (by Fund Manager) (First Week of September 2026)
September 4, 2026—the three major Hong Kong indices opened higher and rebounded, with the Hang Seng Index up 1.74%, the Hang Seng TECH Index up 2.27%, and the Hang Seng China Enterprises Index up 2.02%. The Hang Seng Index's total market turnover was HK$276.9 billion,Southbound funds saw a net outflow of HK$10.021 billion.
On September 4, 2026, fintech and blockchain ETFs exploded across the board in the HK shares ETFs market. Global X Innovative Finance ETF (3185.HK) rose 7.81%, and SAMSUNG Blockchain Technologies ETF (3171.HK) advanced 5.41%; Global X China Little Giant ETF (2815.HK) fell 3.08%, while STAR 50 and China semiconductor ETFs pulled back moderately. NewTimeSpace monitoring shows an evident rotation pattern in which fintech exploded while China technology themes came under pressure.
On September 4, 2026, XPENG-W (09868.HK) traded firmly in the afternoon session. As of 15:15, the stock traded at HK$43.54, up 1.73%.
September 4, 2026—The chip theme continued to come under pressure, with Hua Hong Grace (01347.HK) slumping sharply. As of 13:40, the stock was quoted at HK$109.100, down 8.93%.
on September 4, 2026, the robotics theme weakened amid volatility, while Midea Group (00300.HK) strengthened against the trend. As of 13:26, the company's quote was HK$101.000, up 0.50%.
On September 3, Hong Kong stocks opened higher but closed lower, with the Hang Seng Index down 0.39% to 25,213.31 points and the Hang Seng TECH Index down 1.08%, on turnover of HKD 199.38 billion. Innovative drug plays surged, with HUTCHMED (00013) rising 14.32% on a licensing collaboration with GSK worth more than USD 1.4 billion in total; SBP GROUP rose 6.27%. Non-ferrous metals including gold rallied against the trend while internet stocks closed lower across the board. Southbound capital recorded net purchases of HKD 3.395 billion. Baidu completed its dual primary listing and could be included in Stock Connect as early as September 7; Moonshot AI reportedly filed confidentially; SHEIN-W will be included in the Hang Seng Composite Index on September 15, with its shares hitting a fresh low. MINIMAX-W rose 3.6%, up more than 20% this week.
On September 3, 2026, the three major Hong Kong indices opened higher but closed lower: the Hang Seng Index fell 0.39%, the Hang Seng TECH Index fell 1.08%, and the Hang Seng China Enterprises Index fell 0.77%. The Hang Seng Index's full-day turnover was HK$199.4 billion, and southbound funds recorded a net inflow of HK$3.395 billion. AI concept stocks showed a divergent performance on the day, with the intelligent-driving direction broadly strengthening, while the AI chip and large-model directions were mostly under pressure.
NewTimeSpace (newtimespace.com) reported that on September 3, 2026,the Hang Seng Index fell 0.39%, the Hang Seng TECH Index fell 1.08%, and the Hang Seng China Enterprises Index fell 0.77%. The Hang Seng Index's full-day turnover was HK$199.4 billion, Southbound funds recorded a net inflow of HK$3.395 billion.
