I. Weekly Changes:UNISOUND Leads Gains; Two New Listings Fell over 20% in Debut Week

Metric	Stock Code	Stock Name	Listing Date	Weekly Change (%)
op Weekly Gainer 1	9678.HK	UNISOUND	2025-06-30	32.31
Top Weekly Gainer 2	2718.HK	MININGLAMP-W	2025-11-03	25.06
Top Weekly Gainer 3	7688.HK	TOPNC	2026-05-20	23.61
Top Weekly Gainer 4	1879.HK	XIZHI TECH-P	2026-04-28	21.05
Top Weekly Gainer 5	0100.HK	MINIMAX-W	2026-01-09	20.31
Bottom Weekly Loser 5	6880.HK	MOMENTA-W	2026-07-08	-19.53
Bottom Weekly Loser 4	2597.HK	XUNZHONG	2025-07-09	-20.26
Bottom Weekly Loser 3	9615.HK	MECH-MIND ROBOTICS	2026-09-01	-21.34
Bottom Weekly Loser 2	0625.HK	SHEIN-W	2026-09-01	-21.36
Bottom Weekly Loser 1	2652.HK	CF PHARMTECH	2025-10-08	-24.19

The best-performing recently listed stocks this week included UNISOUND (+32.31%), MININGLAMP-W (+25.06%), TOPNC (+23.61%), XIZHI TECH-P (+21.05%) and MINIMAX-W (+20.31%). UNISOUND and MININGLAMP-W, which had fallen sharply on lock-up expiries in late June and late July respectively, both recorded notable gains this week. On the downside, CF PHARMTECH fell 24.19% this week, the biggest weekly drop among recently listed stocks; SHEIN-W and MECH-MIND ROBOTICS declined 21.36% and 21.34% respectively, both having listed on September 1 and retreating considerably in their debut week. XUNZHONG fell 20.26% and MOMENTA-W declined 19.53%. Of the five biggest weekly losers, SHEIN-W and MECH-MIND ROBOTICS were newly listed names, while the other three had no recent lock-up expiries.

II. Review of Lock-up Expiries This Week:AUX ELECTRIC Released 1.3 Billion Shares and Fell 5.05% on the Week

No.	Code	Name	Listing Date	Lock-up Expiry Date	Shares Unlocked (10,000 shares)	Weekly Change (%)
1	2580.HK	AUX ELECTRIC	2025-09-02	2026-09-02	130,092.13	-5.05

Only one recently listed stock had a lock-up expiry this week. AUX ELECTRIC released 1,300,921,300 shares on September 2, the largest single-issuer release recently, with the stock falling 5.05% over the week. Relative to the size of the release, the decline was mild, and the more than 30% single-week drops seen for some names after earlier expiries did not recur.

III. Next Week's Lock-up Expiry Preview: Three Stocks, All of Small Size

No.	Code	Name	Listing Date	Lock-up Expiry Date	Shares Unlocked (10,000 shares)
1	3268.HK	MEIG	2026-03-10	2026-09-10	1,588.74
2	2715.HK	ESTUN	2026-03-09	2026-09-09	3,404.86
3	2692.HK	ZHAOWEI	2026-03-09	2026-09-09	914.07

Three recently listed stocks will see lock-up expiries next week. ESTUN will release 34,048,600 shares on September 9, MEIG 15,887,400 shares on September 10 and ZHAOWEI 9,140,700 shares on September 9. All three releases are below 50 million shares, clearly smaller than AUX ELECTRIC's release this week, so overall lock-up pressure next week is light.

IV. Liquidity Observations: MINIMAX-W's Average Daily Turnover Overtakes Z.AI

Metric	Stock Code	Stock Name	Listing Date	Average Daily Turnover (HKD 10,000)	Average Daily Turnover Rate (%)
Most Liquid 1	0100.HK	MINIMAX-W	2026-01-09	716,762.0816	7.5594
Most Liquid 2	2513.HK	Z.AI	2026-01-08	674,414.8556	2.4335
Most Liquid 3	3308.HK	ZJ INNOLIGHT	2026-07-30	171,304.7661	2.6626
Most Liquid 4	3750.HK	CATL	2025-05-20	147,609.8472	1.1669
Most Liquid 5	2259.HK	ZIJIN GOLD INTL	2025-09-30	132,109.6118	0.3204
Least Liquid 5	2619.HK	XJ ELECTRICS	2025-06-25	2.9039	0.0352
Least Liquid 4	8549.HK	GOLDEN LEAF INT	2025-10-10	2.7197	0.0335
Least Liquid 3	8629.HK	SYNTRUST GK	2024-09-06	2.4072	0.0262
Least Liquid 2	2519.HK	AUGROUP	2024-11-08	1.9890	0.0012
Least Liquid 1	2613.HK	CONTIOCEAN	2025-01-09	1.0904	0.0009

The top of the liquidity rankings among recently listed stocks changed this week. MINIMAX-W's average daily turnover surged to HKD 7.168 billion from HKD 3.425 billion last week, jumping to first place with an average daily turnover rate of 7.56%. Z.AI's average daily turnover recovered to HKD 6.744 billion from HKD 4.672 billion last week but slipped to second, with an average daily turnover rate of 2.43%. ZJ INNOLIGHT averaged HKD 1.713 billion in daily turnover, CATL HKD 1.476 billion and ZIJIN GOLD INTL HKD 1.321 billion, ranking third to fifth. Among the least liquid names, CONTIOCEAN averaged HKD 10,904 in daily turnover, AUGROUP HKD 19,890, SYNTRUST GK HKD 24,072, GOLDEN LEAF INT HKD 27,197 and XJ ELECTRICS HKD 29,039. The bottom ranks were broadly unchanged from last week.

V. Deviation from IPO Price: DEEPZERO Extends Cumulative Gain to 1,599%; ZG GROUP-W Back to Deepest Discount

Metric	Stock Code	Stock Name	Listing Date	IPO Price (HKD)	Closing Price (HKD)	Deviation (%)
Largest Premium 1	2723.HK	DEEPZERO	2026-05-27	55.50	943.00	1599.10
Largest Premium 2	2797.HK	QIYUNSHAN FOOD	2026-07-09	8.00	86.50	981.25
Largest Premium 3	2513.HK	Z.AI	2026-01-08	116.20	1075.00	825.13
Largest Premium 4	0805.HK	NEW GONOW RV	2025-01-13	1.27	8.30	553.54
Largest Premium 5	2687.HK	ABLE DIGITAL	2025-12-08	67.50	365.20	441.04
Deepest Discount 5	2592.HK	CLOUDBREAK-B	2025-07-03	10.10	1.18	-88.32
Deepest Discount 4	2570.HK	REFIRE	2024-12-06	147.00	14.01	-90.47
Deepest Discount 3	2525.HK	HESAI-W	2025-09-16	212.80	18.19	-91.45
Deepest Discount 2	3881.HK	CIDI	2025-12-19	263.00	19.12	-92.73
Deepest Discount 1	6676.HK	ZG GROUP-W	2025-03-10	10.00	0.70	-93.05

Measured against its offering price, DEEPZERO closed at HKD 943.00, a deviation of 1,599.10% from its IPO price of HKD 55.50, ranking first among recently listed stocks for a second consecutive week, with the deviation widening further from 1,320.72% last week. QIYUNSHAN FOOD closed at HKD 86.50, a deviation of 981.25%, staying second. Z.AI closed at HKD 1,075.00, a deviation of 825.13%, ranking third. NEW GONOW RV (553.54%) and ABLE DIGITAL (441.04%) entered the top five this week. On the discount side, ZG GROUP-W closed at HKD 0.70, a deviation of -93.05%, regaining the title of the most deeply discounted recently listed stock. CIDI deviated -92.73%, HESAI-W -91.45%, REFIRE -90.47% and CLOUDBREAK-B -88.32%.

Matters to Watch Next Week

1. ESTUN, MEIG and ZHAOWEI will see lock-up expiries next week, each releasing no more than 35 million shares, implying light overall lock-up pressure.

2. MINIMAX-W's average daily turnover rose to HKD 7.168 billion this week, overtaking Z.AI to become the most liquid; Z.AI's average daily turnover recovered to HKD 6.744 billion, though still below its July high.

3. SHEIN-W and MECH-MIND ROBOTICS, both listed on September 1, fell 21.36% and 21.34% respectively in their debut week, the only two new listings among the week's five biggest losers, underscoring the high volatility of recently listed stocks in their early trading days.

Note: This report defines "newly listed stocks" as HK-listed targets listed for less than 24 months.

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On September 4, all three major Hong Kong indices advanced across the board. The Hang Seng Index rose 1.74% to 25,650.87 points, the Hang Seng TECH Index gained 2.27%, and the Hang Seng China Enterprises Index climbed 2.02%. Full-day turnover reached HKD 276.857 billion, expanding notably from the previous session.

On the trading floor, AI application plays led the gains: PHANCY (06682) jumped 14.66% and MARKETINGFORCE (02556) surged 13.52%, as OpenAI's release of GPT-6 Astra shifted market pricing logic from compute supply to application monetization. Mainland property developers extended their gains, with SUNAC (01918) up 14.29% and LONGFOR GROUP (00960) up 8.4%, following the "828" property policy package that systematically restructures the industry's regulatory framework. Hog-related plays strengthened, with MUYUAN (02714) up 9.21% as the national average hog price rebounded nearly 17% from its June trough. Innovative drug plays gained broadly, with AKESO (09926) up 11.45%. Semiconductor stocks plunged against the trend: HUA HONG GRACE (01347) fell 8.4%, and GENSCRIPT BIO (01548) dropped 13.33% on news of its proposed spin-off of Probio Technology Limited. SHEIN-W (00625) slid 9.19% to extend its new lows.

Southbound capital recorded net selling of HKD 10 billion during the day, with the Shanghai leg of southbound Stock Connect seeing net selling of HKD 4.708 billion and the Shenzhen leg net selling of HKD 5.313 billion.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Category	Stock Code	Stock Name	Change (%)	Close (HKD)	Turnover (HKD 100mn)
Gainer 1	06682.HK	PHANCY	14.66	30.98	6.19
Gainer 2	01918.HK	SUNAC	14.29	0.64	3.66
Gainer 3	02556.HK	MARKETINGFORCE	13.52	67.60	9.15
Gainer 4	09926.HK	AKESO	11.45	101.20	35.52
Gainer 5	00136.HK	CHINA RUYI	11.43	1.37	3.07
Loser 5	02575.HK	XUANZHUBIO-B	-6.21	10.43	0.47
Loser 4	01316.HK	NEXTEER	-6.45	4.94	1.08
Loser 3	02652.HK	CF PHARMTECH	-6.78	11.00	0.36
Loser 2	01347.HK	HUA HONG GRACE	-8.43	109.70	62.61
Loser 1	01548.HK	GENSCRIPT BIO	-13.33	31.46	32.05

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)

Rank	Stock Code	Stock Name	Southbound Turnover (HKD 100mn)	Southbound Net Buy (HKD 100mn)	Change (%)
1	00100.HK	MINIMAX-W	65.21	9.48	1.80
2	00700.HK	TENCENT	47.47	-21.02	2.26
3	00981.HK	SMIC	45.20	-9.04	-1.25
4	02513.HK	Z.AI	41.84	6.07	-2.98
5	01347.HK	HUA HONG GRACE	37.72	-7.53	-8.43
6	01888.HK	KB LAMINATES	36.50	1.64	-5.27
7	09988.HK	ALIBABA-W	29.26	1.38	2.42
8	01548.HK	GENSCRIPT BIO	27.39	-8.24	-13.33
9	09926.HK	AKESO	26.90	-8.32	11.45
10	06869.HK	YOFC	15.85	-1.73	-2.80

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

Category	Code	Short Name	Change (%)	Turnover (RMB 100mn)
Gainer 1	520790	CIB CSI HK Equities Internet ETF	4.01	0.13
Gainer 2	159568	Bosera CSI HK Equities Internet ETF	3.39	0.83
Gainer 3	520740	HuaAn CSI HK Equities Internet ETF	3.38	0.05
Gainer 4	159040	Penghua CSI HK Equities Internet ETF	3.37	0.09
Gainer 5	159170	Maxwealth CSI HK Equities Internet ETF	3.29	0.31
Loser 5	159137	Hwabao CSI HK Equities Health Care Theme ETF	-1.73	0.67
Loser 4	158003	Harvest CSI HK Equities Health Care Theme ETF	-1.78	0.28
Loser 3	520850	E Fund CSI HK Equities Health Care Theme ETF	-1.98	0.34
Loser 2	159366	Maxwealth CSI HK Equities Health Care Theme ETF	-2.19	5.15
Loser 1	520510	ChinaAMC CSI HK Equities Health Care Theme ETF	-2.90	7.04

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)

Rank	Code	Short Name	Tracking Index	Turnover (RMB 100mn)	Turnover Rate (%)	Change (%)
1	513310	Huatai-PB CSI KRX China-Korea Semiconductor ETF (QDII)	CSI China-Korea Semiconductor Index	68.64	60.04	0.11
2	513090	E Fund CSI Hong Kong Securities Investment Theme ETF	CSI Hong Kong Securities Investment Theme Index	57.42	30.73	1.92
3	513120	GF CSI HK Innovative Drugs Industry ETF (QDII)	CNI HK Equities Innovative Drugs Index	57.19	23.03	-0.68
4	159792	Fullgoal CSI HK Equities Internet ETF	CSI HK Equities Internet Index	27.21	7.41	3.24
5	513130	Huatai-PB CSOP Hang Seng Technology Index ETF (QDII)	Hang Seng TECH Index	25.09	7.65	1.62
6	513180	ChinaAMC Hang Seng Technology ETF (QDII)	Hang Seng TECH Index	23.71	5.92	1.59
7	159570	China Universal CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	18.57	8.08	0.81
8	513330	ChinaAMC Hang Seng Internet Technology Industry ETF (QDII)	Hang Seng Internet Technology Industry Index	18.09	6.96	2.50
9	513050	E Fund CSI Overseas China Internet 50 ETF	CSI Overseas China Internet 50 Index	17.51	4.79	2.03
10	159131	Hwabao CSI HK Equities Information Technology Integration ETF	CSI HK Equities Information Technology Integration Index	14.88	67.39	0.31

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. Hang Seng Index quarterly review effective today; Goldman Sachs sees USD 870 million passive inflows into tech hardware and semiconductors

On September 4, the quarterly review of the Hang Seng Index family was formally implemented, with all changes effective after today's market close and new constituents to be included in index operations from September 7. The Hang Seng Index added HUA HONG GRACE (01347.HK) and WEICHAI POWER (02338.HK); the Hang Seng TECH Index added ILUVATAR COREX (09903.HK) and removed TONGCHENGTRAVEL (00780.HK); and constituents of the Hang Seng Composite Index increased from 534 to 580. Goldman Sachs estimates the review will generate over USD 7.2 billion in total two-way passive fund flows, with tech hardware and semiconductors expected to record the largest passive inflows of approximately USD 870 million.

2. GENSCRIPT BIO applies to spin off and separately list Probio Technology Limited on HKEX Main Board

On September 4, GENSCRIPT BIO (01548.HK) announced a proposal to spin off and separately list Probio Technology Limited (ProBio), an indirect non-wholly-owned subsidiary that operates the group's biologics and advanced therapy CDMO services, on the Main Board of the Stock Exchange of Hong Kong. The company has submitted an application to the Stock Exchange, and the Listing Committee confirmed on August 14, 2026 that the company may proceed with the proposed spin-off. Upon completion of the spin-off, GENSCRIPT BIO will continue to hold a controlling interest in ProBio, whose financial results will continue to be consolidated into the group's financial statements. GENSCRIPT BIO is a Stock Connect constituent.

3. STAR SHINE HLDG added to Hang Seng Composite Index and swung to profit in H1, with Stock Connect inclusion in prospect

On September 4, STAR SHINE HLDG (01440.HK), which was previously added to the Hang Seng Composite Index, will see the change implemented after today's market close and take effect on September 7. The company posted H1 revenue of RMB 163 million and profit attributable to owners of the company of RMB 24.249 million, versus a loss of RMB 22.511 million in the same period last year, swinging to profitability year on year. Following its inclusion in the Hang Seng Composite Index, STAR SHINE HLDG is expected to become a Stock Connect constituent in tandem.

4. LONGSYS fixes H-share offer price at HKD 236, listing expected September 8

On September 4, semiconductor memory maker LONGSYS (09976.HK) announced that the offer price for its global offering of H shares had been fixed at HKD 236.00 per share. The company plans to offer 26,077,800 H shares globally in board lots of 50 shares, with the H shares expected to commence trading on the Main Board of the Stock Exchange at 9:00 a.m. on September 8, 2026.

5. UDI's IPO subscription closes with margin financing oversubscribed 94.79 times; SENSETIME and 58 Group subsidiaries join as cornerstone investors

On September 4, the IPO subscription of Excelland Robotics (Wuxi) Co. Ltd. (03231.HK), a delivery and cleaning robot company, formally closed, recording HKD 4.214 billion in margin financing subscriptions and oversubscription of 94.79 times against the public fundraising amount of HKD 43.99 million. The company plans to offer 45 million H shares globally at an offer price range of HKD 14.45 to 19.55 per share, with listing expected on September 9. The IPO has brought in SensePower Management Limited, an indirect wholly-owned subsidiary of SENSETIME-W (00020.HK), and CYGG Holding Limited, a wholly-owned subsidiary of the 58 Group, as cornerstone investors.

V. Market Notes

Eligible securities list adjustment announcement

No recent announcements.

Trading calendar

No approaching market closure days.

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According to the announcement, the bonds have a total issuance size of RMB 15.0 billion, with a three-year tenor and a fixed coupon rate of 1.60% per annum. The proceeds will be used, in accordance with applicable laws and regulatory approvals, to meet asset-liability allocation needs, replenish funding sources, optimise the liability maturity structure and support sound business development.

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Mr. Lu, aged 46, obtained a bachelor's degree in communications engineering from Nanjing Institute of Posts and Telecommunications (now Nanjing University of Posts and Telecommunications) in July 2001 and an MBA from the Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University in June 2014. He previously served as product manager and business support manager at Shanghai Bell, senior investment manager of the private equity division at Ping An Trust, and senior associate director at Minsheng Equity Investment Fund Management; he has served as senior associate director at Ping An Capital Co., Ltd. since November 2021.

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According to the announcement, this is the Company's first notes issuance after obtaining international credit ratings in May 2026, with SMBC Nikko Securities (Hong Kong) Limited acting as the sole placing agent. The notes bear interest at 8.0% per annum, payable semi-annually, with a tenor of three years; the net proceeds will be used to repay certain debts and fund working capital.

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On the market, by sector.Themes such as media, industrial trade & commerce, and conglomerates and food & beverage led the gains. Themes such as semiconductors, medical devices and services, and paper and packaging led the declines.

Among them, of the Hang Seng Index constituents, 80 rose and 11 fell.On the upside, LONGFOR GROUP gained 8.40%, LENOVO GROUP gained 6.09%, and MEITUAN-W gained 5.28%. On the downside, WUXI BIO fell 3.00%, OOIL fell 2.48%, and SMIC fell 1.25%.

Among the Hang Seng TECH Index constituents, 24 rose and 6 fell.On the upside, TONGCHENGTRAVEL gained 6.84%, SENSETIME-W gained 5.86%, and Baidu Group-W gained 4.81%. On the downside, HUA HONG GRACE fell 8.43%, Z.AI fell 2.98%, and NIO-SW fell 0.67%.

Among the HK Stock Connect constituents,PHANCY surged 14.66%; SUNAC surged 14.29%, and MARKETINGFORCE surged 13.52%. GENSCRIPT BIO fell 13.33%, CF PHARMTECH fell 6.78%, and NEXTEER fell 6.45%.

CINDA INTL HLDG pointed outthat yesterday's Hong Kong market turnover was weak, with the TECH Index falling to a low since July: the Hang Seng Index opened higher yesterday but eventually reversed to close lower, again falling near the early-August low of 25,089 points. The TECH Index performed even weaker, falling more than 1%, hitting a new low since July. Yesterday's Hong Kong market trading was relatively quiet, with total market turnover below HK$200 billion, the first time since May 5, though at that time it was the May Day Golden Week, and the HK Stock Connect suspension caused the lower turnover amount.

Hong Kong stocks should see a rebound this morning, but the momentum may be limited:the latest probability of a US rate hike in September has decreased, overseas long-bond yields have retreated slightly, and the Hang Seng Index's overnight futures traded at a premium; a rebound is expected this morning, but the momentum may be limited. In the short term, the upward resistance reference is the 250-day moving average at around 25,763 points, while the support level is the bottom of the mid-to-late-month consolidation range at around 24,800 points. (Source: CINDA INTL HLDG, September 4, 2026, "Hong Kong Morning Express")

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Mr. Mao, aged 38, served as Chief Financial Officer of Dada Nexus Limited (formerly listed on Nasdaq: DADA) from December 2023 to September 2026. He joined the JD Group in December 2020 and served as the Company's head of financial planning and analysis and head of investor relations. Prior to joining the JD Group, he worked at PricewaterhouseCoopers in Beijing and San Jose, California for over 10 years, and is a certified public accountant in China and the United States.

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Mr. Zhang, aged 45, joined the Company in June 2011, was appointed Vice President in October 2024 and Chief Strategy Officer in November 2024, and is responsible for the Company's strategy, investment and operations, overseeing the strategy management department; he previously served as general manager of the Jinan company of the North China region, general manager of the strategy management department and general manager of the Company's Hong Kong company. 

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The total facility amounts to HKD 10,000 million, comprising three tranches: Tranche A of HKD 7,911 million green term loan (to refinance the existing Tranche A facility); Tranche B of HKD 1,089 million green term loan (to finance or refinance construction costs); and Tranche C of HKD 1,000 million green revolving loan (to finance Parkview's general working capital). Loans under Tranche A and Tranche B are repayable on the final maturity date (60 months from first utilisation of the facilities), while each Tranche C loan is repayable on the last day of its interest period and may be re-borrowed under the terms of the facility; interest is payable on the last day of each interest period at the sum of HIBOR plus a margin of 0.60% per annum. Security for the facility includes guarantees from the Company and Chinachem in proportion to their respective equity interests in Parkview (60% and 40%), a first recourse mortgage over the property and buildings, a debenture containing a first floating charge, share charges, and other security.

In respect of the connected transactions, as Hang Seng holds approximately 24.64% of the issued shares of Barrowgate, an indirect non-wholly-owned subsidiary of the Company (being a substantial shareholder thereof), and HSBC is the holding company of Hang Seng, both Hang Seng and HSBC are connected persons of the Company, and the Hang Seng financing and HSBC financing constitute connected transactions of the Company. As the relevant percentage ratios exceed 5%, but given that (i) the transactions are between the Company and a connected person at the subsidiary level, and (ii) the Board (including the independent non-executive directors, excluding Ms. Chung Hau Yee who abstained from voting) has confirmed that the terms are fair and reasonable, on normal commercial terms, in the ordinary and usual course of business of the Group, and in the interests of the Group and its shareholders as a whole, the Hang Seng financing and HSBC financing are only subject to the announcement and reporting requirements under Rule 14A.101 of the Listing Rules, and are exempt from the circular, independent financial advice and shareholders' approval requirements. Ms. Chung Hau Yee, an independent non-executive director who is also a director of Hang Seng, voluntarily abstained from voting.

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According to the announcement, together with previous subscriptions , the Group's outstanding principal in structured deposits with Bank of Jiangsu totals approximately RMB 270 million.  

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Following Mr. Zou's resignation, the Company has two independent non-executive directors, and the audit committee of the Board comprises only two members, resulting in: (i) the total number of independent non-executive directors accounting for less than one-third of the board members, breaching the requirement under Rule 3.10A of the Listing Rules; and (ii) the number of independent non-executive directors and the number of audit committee members falling below the minimum numbers required under Rules 3.10(1) and 3.21 of the Listing Rules respectively.

The Board will identify suitable candidates to fill the vacancy as soon as practicable within three months from 4 September 2026, to ensure the Company's compliance with the Listing Rules; the Company will publish further announcements as soon as practicable after the appointment of the new independent non-executive director.

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The Board also announced the appointment of Ms. Chan Yuen Ying as company secretary and authorised representative, effective the same date. Ms. Chan is a fellow of The Chartered Governance Institute (formerly the Institute of Chartered Secretaries and Administrators) and The Hong Kong Chartered Governance Institute (formerly the Hong Kong Institute of Chartered Secretaries), and a member of the Hong Kong Institute of Directors. She currently serves as company secretary of a number of companies listed on the Main Board of the Stock Exchange, and is an executive director of a local professional firm providing regulatory compliance, corporate governance and company secretarial services to listed and unlisted companies, with over 25 years of experience in handling company secretarial and compliance matters of listed companies.

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In respect of the use of the proceeds of the notes offering, the Company plans to: (a) fund the concurrent hedge repurchases; (b) fund the concurrent Tencent repurchase; (c) fund AI-driven business growth, including enhancing its AI capabilities in content understanding, recommendation and creation, deepening user engagement through its high-quality content and community, and leveraging AI to enhance productivity and efficiency; and (d) for general corporate purposes. Tencent's subscription of the notes also demonstrates Tencent's continued confidence in the Company's long-term prospects.

The concurrent Tencent repurchase constitutes an off-market share repurchase under the Share Buyback Code, which is subject to approval by disinterested shareholders holding at least three-quarters of the votes cast at an extraordinary general meeting; the Company has established a separate special share repurchase plan of up to USD 300 million for the concurrent repurchases, and has appointed Kaolin Capital Limited as its independent financial adviser. The Company has applied for and obtained the approval under Rule 10.06(3)(a) of the Listing Rules from the Stock Exchange, and obtained a waiver from Rule 7 of the Share Buyback Code in respect of the concurrent hedge repurchases. A circular containing details of the concurrent Tencent repurchase, the recommendation of the independent board committee and the opinion of the independent financial adviser is expected to be despatched to shareholders on or before 25 September 2026. As of 3 September 2026, the Company's market capitalisation was approximately HKD 50.1 billion.

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On the news front, Hua Hong Grace recently announced that the company and its wholly-owned subsidiary, Shanghai Hua Hong Grace Semiconductor Manufacturing Co., Ltd., intend to jointly increase the capital of Wuxi Hua Hong Grace Phase III Semiconductor Co., Ltd. together with three other companies including Wuxi Xihong Guoxin Phase II Investment Co., Ltd., to build a 12-inch specialty-process wafer foundry line with a planned monthly capacity of approximately 55,000 wafers.

Guosheng Securities pointed out that the capabilities of domestic chips have continued to improve, narrowing the generation gap with overseas chips. The adoption of domestic chips by internet and intelligent computing centers has accelerated, and domestic computing power demand is shifting faster toward local manufacturers. The expansion of application scenarios and the accumulation of experience have effectively driven the iterative upgrading of chip capabilities, and a positive R&D feedback loop is gradually taking shape.

HUA HONG GRACE(01347.HK)Specializes in specialty process wafer foundry, offering customized manufacturing of power discretes, embedded non-volatile memory, analog and power management ICs. Its 8-inch and 12-inch production lines serve automotive, industrial control and data center power management applications. The company holds multiple automotive-grade quality certifications and provides mass production foundry services to various domestic and international automotive clients. Its overall capacity utilization has remained high over an extended period.

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On the news front, Shenzhen recently issued the "Shenzhen Work Plan for Promoting High-Quality Development of the Intelligent Robotics Industry (2026–2028)." The plan proposes that by 2028, Shenzhen will be built into the world's most influential smart robotics industry highland, creating the country's most vibrant smart robotics innovation enterprise cluster, a globally leading smart robotics software-and-hardware supporting cluster, and an international robot-friendly demonstration city center, as well as a Guangdong-Hong Kong-Macao Greater Bay Area robotics open-source ecosystem center, thereby forming a new industrial pattern featuring the coordinated development of the "two zones and two centers."

Western Securities believes that 2026 is expected to be the first year of scaled mass production for the humanoid robotics industry. At the policy level, embodied intelligence is explicitly promoted as a new economic growth driver; at the technology level, breakthroughs in AI and large models provide the "smart brain"; and at the demand level, the intensifying aging population gives rise to space for labor substitution.

MIDEA GROUP (00300.HK) Comprehensively positions itself within the industrial-grade embodied AI and core automation equipment supply chain through its wholly-owned subsidiary KUKA, one of the "Big Four" global industrial robot giants. The company focuses on the R&D and delivery of high-precision articulated robotic arms, heavy-duty logistics AGVs, and industrial automation software systems. Its intelligent manufacturing solutions are widely deployed across core heavy-asset production lines globally, including automotive manufacturing and electronic semiconductors. Backed by industry-leading delivery metrics for industrial-grade robots, it serves as the foundational infrastructure anchor for the sector.

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A-Living Smart Property Services is a wholly-owned subsidiary of A-Living Smart City Services Co., Ltd. ("A-Living Services"), a company listed on the Stock Exchange (stock code: 3319). A-Living Services manages properties with an aggregate GFA of over 500 million square metres, over 3,800 projects under management, and has entered nearly 200 cities across China; in 2025, A-Living Services recorded revenue of over RMB 12.8 billion.

To the best of the directors' knowledge, information and belief after making all reasonable enquiries, A-Living Smart Property Services and its ultimate beneficial owners are independent third parties of the Company and its connected persons. The Company noted that the specific progress of the cooperation is subject to the project documents to be signed by the parties subsequently and the actual progress, and there remains certain uncertainty.

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In respect of the annual results, due to the ongoing liquidation proceedings and the limited books and records available, the Company was unable to publish its 2025 annual results and annual report before the prescribed deadline of 31 March 2026. In respect of the resumption guidance, the Company received a letter from the Stock Exchange on 27 July 2026 setting out the resumption guidance, including: publishing all outstanding financial results and addressing any audit modifications; withdrawing or setting aside the winding-up order against the Company and discharging any liquidators; demonstrating compliance with Rule 13.24 of the Listing Rules; conducting an appropriate independent forensic investigation; demonstrating that there are no reasonable regulatory concerns regarding the integrity of management; engaging an independent internal control adviser for an internal control review; and informing the market of all material information.

Under Rule 6.01A(1) of the Listing Rules, the Stock Exchange may cancel the listing of any securities that have been continuously suspended for 18 months. In the Company's case, it must remedy the issues causing its suspension, meet the resumption guidance and resume trading in its shares on or before 3 September 2027, failing which the Listing Department of the Stock Exchange will recommend the cancellation of the Company's listing. Trading in the Company's shares has been suspended since 11:59 a.m. on 4 March 2026 and will continue to be suspended until further notice.

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Following due enquiries by the Board, the Company was informed by its controlling shareholder, KIG Real Estate Holdings Limited ("KIG Real Estate"), that it is still exploring the possibility of different forms of cooperation with various parties, including potential transactions involving its securities. The Company will make further announcements in due course.

As of the date of this announcement, KIG Real Estate holds 449,999,012 shares, representing approximately 75.0% of the total issued share capital of the Company.

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In respect of the proposed spin-off, the Company has submitted an application to the Stock Exchange under Practice Note 15, and the Listing Committee confirmed on 14 August 2026 that the Company may proceed with the proposed spin-off. Details of the proposed spin-off are yet to be finalised; upon completion of the proposed spin-off, the Company will continue to hold a controlling interest in Probio, which will remain a subsidiary of the Company with its financial results continuing to be consolidated into the Group's financial statements.

Under Practice Note 15, if the proposed spin-off proceeds, the Company will give due consideration to the interests of existing shareholders and, through a preferential application arrangement, provide shareholders with a guaranteed allocation of shares to be issued by Probio (the terms of which are yet to be finalised, with all eligible shareholders of the Company to be treated equally in any event). If the proposed spin-off is implemented, it will constitute a deemed disposal of the Company's interest in a subsidiary under Rule 14.29 of the Listing Rules. As the proposed spin-off is subject to, among other things, the final approval of the Listing Committee, market conditions and other considerations, it may or may not proceed.

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The Company intends to use the net proceeds from the bond offering for general corporate purposes. The bonds have not been and will not be registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States or to US persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

The Company noted that this announcement contains information regarding the proposed bond offering, and there can be no assurance that the bond offering will be completed; the Company will file a Form 6-K with the US Securities and Exchange Commission in respect of the bond offering.

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Under the plan, share purchases will be conducted during September 2026, with an estimated aggregate amount of up to HKD 16 million. Dr. Zavoronkovs previously invested in the Company's Series D financing in 2022.

According to the information available to the Company and to the best of the directors' knowledge and belief, if the purchase plan is implemented, the issued shares of the Company will continue to maintain a sufficient public float.

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The Company confirmed that the provision of financial printing and related services remains the principal business of the Group, and that it has no intention, plan or arrangement to terminate, dispose of or substantially scale down the financial printing business within the next twelve months. As disclosed in the Group's most recent interim report for the six months ended 31 March 2026, revenue from the financial printing business increased by approximately 47.1% to approximately HKD 12.6 million for the period (compared with approximately HKD 8.6 million in the corresponding period of last year). The Group will expand its connections with existing and potential clients in Hong Kong and Greater China (including Hong Kong listed companies, listing applicants and Mainland A-share companies seeking H-share or A+H listings), enhance service quality, advance digital transformation and adopt artificial intelligence (AI) tools, and broaden its portfolio of ancillary services (such as ESG report production and investor presentation material design); the new business initiatives are intended to complement and diversify the business rather than replace the financial printing business.

In respect of oversight of the trading card business, the Company holds a 51% controlling interest in HKTCG and is entitled to nominate a majority of its directors, and all material operating expenses, investments and significant commercial decisions of HKTCG are subject to the Company's review and approval. The Board has adopted internal control policies covering governance, financial management, operations, asset protection and regulatory compliance, including: the total allocation for the trading card business in each financial year shall not exceed 20% of the Group's total assets and 40% of the cash balance in the most recently published financial report (with separate caps of 15% of total assets and 30% of cash balance for the annual budget for purchasing cards for resale and other recurring expenses); commitments exceeding HKD 1.0 million require prior approval; refunds exceeding HKD 10,000 require dual authorisation; and cards with a market value exceeding HKD 500,000 are subject to monthly market price monitoring and net realisable value assessments. The internal control framework is audited at least annually.

In respect of the clarification, the article alleged that HKTCG displayed cards with a total value of approximately HKD 80 million in 26 display cabinets across its retail stores, and that Mr. Chung spent approximately HKD 60 million on establishing HKTCG. The Company clarified that: (i) the cards displayed include cards from Mr. Chung's personal collection and cards provided by other individual collectors, and all such cards remain the property of their respective owners, placed in HKTCG's retail stores solely for exhibition and marketing purposes, with the estimated fair value of approximately HKD 80 million determined using the market comparison approach with reference to independently verifiable market information; and (ii) the statement of approximately HKD 60 million should be understood as Mr. Chung's estimate at the time of the potential resources that may be required for HKTCG's continued development over the next three to five years, subject to periodic review based on business performance and market conditions, and should not be construed as Mr. Chung having contributed or irrevocably committed to contribute HKD 60 million.

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Oteseconazole is a novel oral small-molecule selective fungal CYP51 inhibitor introduced by the Company from the US company Mycovia, which exerts its antifungal effect by highly specifically inhibiting the fungal CYP51 enzyme. The indication of treating recurrent vulvovaginal candidiasis was approved for marketing in the United States in 2022, and after being introduced by the Company, it was approved for marketing in China in 2023 for the treatment of VVC; this approval involves the transfer of the already-marketed overseas-produced drug to domestic production. Domestically and internationally, a number of similar products have been approved for marketing, including fluconazole, itraconazole and voriconazole. According to available data, the combined global sales of similar products to oteseconazole in 2025 were approximately USD 2.23 billion. As of the date of this announcement, the cumulative R&D investment in the oteseconazole capsules project amounts to approximately RMB 219 million (unaudited).

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The filing is mainly based on a multicentre, randomised, double-blind, placebo-controlled Phase III study (study number: SHR-1819-301) in adult patients with moderate to severe AD, led by Professor Xu Jinhua of Huashan Hospital, Fudan University as the principal investigator, with 652 patients with moderate to severe AD enrolled nationwide. The results showed that Zhuotuoqibai injection met both co-primary efficacy endpoints, both significantly superior to the placebo control group, with good safety and tolerability.

SHR-1819 injection is a recombinant humanised monoclonal antibody targeting human IL-4Rα independently developed by the Company, which can simultaneously block the signalling of IL-4 and IL-13, with investigational indications covering a range of type 2 inflammatory diseases including atopic dermatitis, prurigo nodularis and allergic rhinitis. Currently, only two drugs targeting the same target have been approved globally: Dupilumab (brand name: Dupixent), approved in the United States, the European Union, Japan and other countries and regions since 2017 and in China in 2020, and Stapokibart (brand name: Kangyueda), approved in China in 2024. According to the EvaluatePharma database, the combined global sales of Dupilumab and Stapokibart in 2025 were approximately USD 18.076 billion. As of the date of this announcement, the cumulative R&D investment in the SHR-1819 injection project amounts to approximately RMB 385.7 million (unaudited).

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The filing is based on a multicentre, randomised, double-blind, placebo-controlled, parallel-design pivotal Phase III clinical trial (study number: HRS-7535-303) in adults who are overweight or obese, evaluating the efficacy, safety and tolerability of HRS-7535 tablets at 120mg and 180mg versus placebo in non-diabetic participants with obesity or overweight accompanied by at least one weight-related comorbidity. The study was led by Professor Mu Yiming of the First Medical Centre of the Chinese PLA General Hospital as the principal investigator, with 50 centres initiated nationwide and 556 subjects randomised. The results showed that all dose groups of HRS-7535 tablets achieved all primary and key secondary endpoints at 44 weeks of treatment, with an average weight reduction of up to 10.9% in the 180mg group; the weight-loss effect persisted with continued treatment, with an average weight reduction of up to 11.1% in the 180mg group at week 50; improvements in multiple cardiometabolic indicators were also observed, with safety and tolerability data consistent with other reported oral GLP-1 therapies and no new safety signals identified.

HRS-7535 tablets are a novel oral small-molecule glucagon-like peptide-1 receptor (GLP-1R) agonist, which can promote pancreatic insulin secretion, reduce glucagon secretion and inhibit gastric emptying by activating the human GLP-1R, and can also enhance satiety and suppress appetite by affecting the central nervous system, for the treatment of type 2 diabetes mellitus (T2DM) and weight loss. Globally, the only oral small-molecule GLP-1R agonist approved to date is Lilly's FOUNDAYO (orforglipron), which received FDA approval in April 2026. As of the date of this announcement, the cumulative R&D investment in the HRS-7535 tablets project amounts to approximately RMB 494.4 million (unaudited).

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After deducting underwriting discounts and commissions and estimated offering expenses, the Company expects to receive net proceeds of approximately USD 991.9 million, which it intends to use for general corporate purposes, including refinancing of offshore indebtedness and share repurchases. The joint bookrunners of the offering are J.P. Morgan Securities LLC, Goldman Sachs (Asia) L.L.C. and The Hongkong and Shanghai Banking Corporation Limited, and the joint lead managers are UBS AG Hong Kong Branch, Bank of China Limited and Mitsubishi UFJ Securities (Asia) Limited; the Company entered into an underwriting agreement with the underwriters on 3 September 2026 (US Eastern Time).

The Company has filed with the US Securities and Exchange Commission an automatic shelf registration statement on Form F-3 and the relevant preliminary prospectus supplement, and will apply to the Hong Kong Stock Exchange for approval to list and trade the notes by way of debt issue to professional investors only (having received the Stock Exchange's confirmation of the eligibility of the notes for listing). The Company noted that, as the conditions to the completion of the underwriting agreement may not be satisfied and the underwriting agreement may be terminated upon the occurrence of certain events, there is no assurance that the offering will be completed.

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Registered with the CSRC under the approval document Zheng Jian Xu Ke [2024] No. 1250, the Company publicly issues sci-tech innovation corporate bonds to professional investors with an aggregate amount of no more than RMB 1 billion, in tranches. On 3 September 2026, the issuer and the lead underwriter conducted bookkeeping of coupon rate inquiries to professional institutional investors offline, with an inquiry range of 1.20%-2.20%; based on the inquiry results and upon agreement between the issuer and the lead underwriter, the coupon rate of Tranche 1 bonds was finally set at 1.50%.

The issuer will issue Tranche 1 bonds offline to professional institutional investors on 4 September and 7 September 2026 at the above coupon rate.

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Kulaiweibai is a recombinant humanised IgG1κ monoclonal antibody that provides passive immunity mainly by targeting epitope II of the RSV F protein, with Fc engineering to extend the antibody half-life, offering sustained protection covering the entire RSV season to neonates and infants through a single intramuscular injection. Data from the pivotal Phase III study supporting this approval showed that, at 150 days after administration, Kulaiweibai demonstrated 85.32% protective efficacy against RSV-associated lower respiratory tract infection requiring medical intervention (outpatient, emergency or hospitalisation) and 83.27% protective efficacy against RSV-associated hospitalisation compared with placebo; at 240 days after administration, the two efficacy figures were 82.04% and 78.44% respectively. In addition, a Phase IIIb study in toddlers aged 1 to 2 years is ongoing to further expand the applicable age range.

Ruiyang (Shandong) Biopharmaceutical Co., Ltd. is principally engaged in the R&D and industrialisation of antibody-based biological macromolecular drugs, focusing on passive immunisation prevention and treatment in the infectious disease field, while also laying out innovative directions such as tumour immunology. Simcere Pharmaceutical is an innovation- and R&D-driven pharmaceutical company focusing on neuroscience, oncology, autoimmune diseases and anti-infection.

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According to the placing agent, each placee has confirmed that it and its respective ultimate beneficial owners are independent and unrelated parties with no acting-in-concert relationship with the Seller, the Company or any persons acting in concert with the Seller or the Company. The placing agreement between the Seller and the placing agent provides that no placee (whether alone or together with any person acting in concert with it) shall hold 30% or more of the total issued share capital of the Company after the completion of the placing.

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As of the date of this announcement, the reduction plan period has expired, and Mr. Fu has not reduced any of his shareholding in the Company. Both before and after the reduction period, Mr. Fu held an aggregate of 215,050 shares (representing 0.010% of the total share capital), comprising 53,762 unrestricted shares (0.002%) and 161,288 restricted shares (0.008%).

The Company noted that the reduction plan had been pre-disclosed in accordance with regulations, and Mr. Fu's failure to reduce his shareholding during the plan period does not constitute any breach of the reduction plan or related commitments.

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Renovation Contract I was entered into on June 15, 2026, under which the contractor is required to carry out civil works and waterproofing treatment works at the restaurant premises on a supply-and-install basis, at a lump-sum contract price of MOP 1,130,000 (approximately HKD 1,096,100), to be completed within 50 days from the date of commencement and in any event on or before July 31, 2026; as of the date of this announcement, more than 80% of the renovation works under Contract I had been completed, with the remaining works to be coordinated with and completed following the commencement of works under Renovation Contract II. Renovation Contract II was entered into on September 3, 2026 (after trading hours), covering premium decoration and interior renovation works and the installation of electrical and mechanical systems and facilities, at a lump-sum contract price of MOP 13,300,000 (approximately HKD 12,901,000), to be completed within 80 days from the date of commencement and expected to be completed in the fourth quarter of 2026. The contract prices under both contracts are payable by Chun Ying in cash in installments (three installments under Contract I and five under Contract II, each with 10% retained as retention money payable upon expiry of the warranty period and passing of joint re-inspection), and the contractor is required to provide a 1-year warranty for all non-waterproofing works and a 10-year warranty for all waterproofing works.

The group has operated a Japanese restaurant under the "Edo Japanese Restaurant" brand at the premises since 2009, a long-established high-end Japanese dining brand in Macao. Chun Ying entered into a five-year operation agreement with the owner of the premises in February 2026, and the renovation contracts were entered into to enhance the dining environment, facilities and customer experience of the restaurant and consolidate its brand image, competitiveness and market position. Each renovation contract was awarded to the contractor following tender procedures and Chun Ying's objective evaluation, with the contract prices funded by the group's internal resources and/or bank borrowings. The directors consider that the terms of the renovation contracts were entered into on normal commercial terms, are fair and reasonable, and are in the interests of the company and its shareholders as a whole; the contractor and its ultimate beneficial owners are independent third parties.

View announcement.

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The average electricity cost attributable to Bitcoin production during the relevant period was approximately USD 54,500 per Bitcoin, representing the cumulative average since the group commenced its Bitcoin mining business; as the group continued to optimize its mining operations and power arrangements, coupled with lower electricity tariffs, the electricity cost attributable to Bitcoin production declined to approximately USD 50,000 per Bitcoin in August 2026. The cost figure fluctuates with factors such as local electricity tariffs, dispatch arrangements, power curtailment measures, operating efficiency and the actual hashrate of mining machines. The group expects that, as long as the Bitcoin market price remains above approximately USD 51,000 per Bitcoin, the operation of its Bitcoin mining machines will on the whole remain commercially reasonable, subject to prevailing Bitcoin network difficulty, electricity tariffs, machine uptime, site availability and power curtailment arrangements.

Based on the group's current internal estimates and prevailing Bitcoin network conditions, 9,695 Bitcoin mining machines with a total hashrate of approximately 4.229 EH/s are expected to yield an indicative aggregate daily output of approximately 2.11 Bitcoins. The group currently expects its Bitcoin mining activities to generate approximately 240 to 264 Bitcoins during the remaining period ending December 31, 2026, depending on network difficulty, Bitcoin prices, operating time and other conditions. The board emphasized that the above operational and financial information is based on the group's current internal records and preliminary assessments, has not been audited or reviewed by the company's auditors and may be subject to adjustment, and reminded shareholders and potential investors to exercise caution when dealing in the company's securities.

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GPC3 is a glycoprotein located on the cell membrane that is barely expressed in normal adults but highly expressed in hepatocellular carcinoma (HCC), where it serves as a clinical diagnostic biomarker, and is also upregulated in lung squamous cell carcinoma and ovarian cancer. No GPC3-targeting ADC has been approved for marketing worldwide, with peer candidates generally in preclinical or early clinical exploration. Preclinical data showed that TQB6426 demonstrated solid target-binding capacity and tumor-cell-specific killing, with potent bystander killing activity and in-vivo antitumor activity in animals outperforming comparable products, indicating best-in-class (BIC) development potential. As an ADC, TQB6426 uses its GPC3-targeting antibody to deliver a cytotoxic payload precisely to tumor cells and extends killing to GPC3-negative tumor cells through a potent bystander effect, overcoming tumor heterogeneity and broadening antitumor coverage.

Liver cancer is the sixth most common cancer worldwide and the third leading cause of cancer-related death, with 870,000 new cases and 760,000 deaths globally in 2022, projected to nearly double to 1.52 million new cases and 1.37 million deaths by 2050 in the absence of effective interventions, with China accounting for approximately 42.4% of global cases. The disease is insidious in onset and progresses rapidly, with approximately 64% of patients diagnosed at intermediate or advanced stages and a 5-year recurrence rate of as high as 70% even after curative resection in early-stage patients. The group will accelerate the Phase I clinical trial of TQB6426 to assess its safety, tolerability, pharmacokinetic profile and preliminary efficacy in patients with advanced malignant tumors, with the aim of providing new treatment options for patients with hepatocellular carcinoma and other solid tumors globally.

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The board of directors received a notification from Mars Nest regarding the disposal, and immediately upon completion of the disposal, Mars Nest no longer holds any shares of the company and therefore ceased to be the company's controlling shareholder. The company reminded its shareholders and potential investors to exercise caution when dealing in the shares and other securities of the company.

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The board of directors passed a resolution at the 13th meeting of the fifth board of directors held on August 24, 2026, approving that the release conditions for the first release period had been satisfied. The initial grant was registered on June 5, 2025, with 4.2733 million restricted shares actually granted to 561 grantees, and the reserved grant was registered on November 27, 2025, with 291,400 shares granted to 137 grantees. The first lock-up period ran from June 5, 2025 to June 4, 2026, and the first sales restriction period from June 5, 2026 to September 4, 2026; upon expiry of the sales restriction period, if the company's overall market value performance reaches the preset target, the restricted shares can be released in accordance with the prescribed ratios from September 7, 2026.

For the company-level performance assessment, the company achieved revenue of RMB 6.670 billion in the assessment year of 2025 for the first release period, up 16.78% from 2024 calculated at constant exchange rates, satisfying performance target A, with none of the adverse circumstances at either company or grantee level occurring; all 540 grantees achieved Grade A in their individual performance assessments. Upon completion of the release, the company's restricted shares under the equity incentive plan will decrease from 4,353,200 shares to 3,325,625 shares, while its unrestricted tradable A shares will increase to 318,071,433 shares, lifting their proportion from 87.91% to 88.19% of total share capital, with total share capital unchanged at 360,663,470 shares.

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The provision of financial printing and related services remains the principal business of the group. For the six months ended March 31, 2026, revenue from the financial printing business increased by approximately 47.1% to approximately HKD 12.6 million, compared with approximately HKD 8.6 million for the corresponding period last year. The board confirmed that the company has no intention, plan or arrangement to terminate, dispose of or substantially downscale the financial printing business within the next twelve months, and that new business initiatives such as the card business are intended to complement and diversify the group's scope of business rather than replace or supersede financial printing.

The company holds a 51% controlling interest in HKTCG and is entitled to nominate a majority of its directors, maintaining majority control over HKTCG at both shareholder and board levels, and all material operating expenses, investments and significant commercial decisions of HKTCG are subject to the company's review and approval. The group has set caps on the total financial allocation for the card business in each financial year, which must not exceed 20% of the group's total assets or 40% of its cash balances as stated in the most recently published financial report, while the annual budget for acquiring cards for resale and other recurring expenses must not exceed 15% of total assets or 30% of cash balances, with the relevant internal control policies reviewed at least annually.

With respect to the statements in the Sing Tao article, the company clarified that: first, the cards displayed in a total of 26 display cabinets at HKTCG's retail stores with an estimated aggregate value of approximately HKD 80 million include cards from the personal collection of Mr. Chung and other individual collectors, and all such cards remain the property of their respective owners and are placed at HKTCG's retail stores solely for exhibition and marketing purposes, with the estimated fair value determined by the market comparison approach with reference to independently verifiable market data and recent transactions in the secondary card market; and second, the statement regarding an outlay of approximately HKD 60 million should be understood as Mr. Chung's estimate of the potential resources that may be required for HKTCG's continued development over the next three to five years, rather than an investment already made or an irrevocable commitment of HKD 60 million to HKTCG.

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In terms of profitability, SMARTONE TELE Gross Profit changed from HKD 4.06 billion in the same period last year to HKD 3.9 billion in the current period, decreased by HKD 152.25 million; gross profit margin changed from 64.87% in the same period last year to 59.12% in the current period, decreased by 5.75 percentage points; net profit changed from HKD 478.9 million in the same period last year to HKD 524.74 million in the current period, increased by HKD 45.84 million; net profit margin changed from 7.66% in the same period last year to 7.95% in the current period, increased by 0.29 percentage points. 

In terms of earnings quality, SMARTONE TELE Operating Profit changed from HKD 752.21 million in the same period last year to HKD 749.21 million in the current period, decreased by HKD 3 million; Operating Profit Margin changed from 12.03% in the same period last year to 11.35% in the current period, decreased by 0.68 percentage points. 

In terms of financial soundness, SMARTONE TELE Debt-to-Asset Ratio changed from 53.08% in the same period last year to 51.6% in the current period, decreased by 1.48 percentage points; Total Equity changed from HKD 5.305 billion in the same period last year to HKD 5.478 billion in the current period, increased by HKD 173.23 million; Current Liabilities changed from HKD 2.97 billion in the same period last year to HKD 2.97 billion in the current period, decreased by HKD 4.84 million; Quick Ratio changed from 1.13 in the same period last year to 1.31 in the current period, increased by 0.18 percentage points. 

By the close of trading on September 03, 2026, SMARTONE TELE(00315) saw a loss of 0.62% in its share price, closing at HKD 4.81. The full-day turnover stood at HKD 2.28 million, with the latest market capitalization at HKD 5.3 billion.

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As one or more of the applicable percentage ratios exceeded 5% but all remained below 25%, entering into the sale and purchase agreement constitutes a discloseable transaction under the Listing Rules and is subject to the notification and announcement requirements under Chapter 14. As the applicable percentage ratio for the disposal did not exceed 5%, the company is not required to announce the disposal to Bursa Malaysia, and this announcement is made voluntarily pursuant to paragraph 10.05(2) of the Bursa Malaysia Listing Requirements. The disposal does not require approval from shareholders or any regulatory authority; completion is expected to take place on December 1, 2026, with vacant possession of the property to be delivered to the purchaser on December 2, 2026.

The disposal is expected to record an unaudited gain of approximately CAD 5.26 million (approximately USD 3.78 million or MYR 15.28 million), representing the difference between the consideration and the net book value of the property before deducting any expenses and tax, which will increase the group's consolidated net assets by the same amount but is not considered significant. After deducting related costs and expenses (before tax), the net proceeds are estimated at approximately CAD 6.55 million (approximately USD 4.70 million or MYR 19.01 million), which are planned to be used as general working capital of the group within 12 months from the completion date.

The directors consider that, as the group has ceased its Canadian media business and the property is no longer necessary for that business, the disposal provides the group with an opportunity to realize the value of the property and redeploy the proceeds to its other businesses and operational needs, with the terms of the sale and purchase agreement entered into on normal commercial terms, fair and reasonable, and in the interests of the company and its shareholders as a whole.

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The product is indicated for the short-term and non-continuous chronic topical treatment of mild-to-moderate AD in immunocompetent children aged 2 years and above and adults, where other topical therapies are inadequately controlled or not recommended. In a Phase III clinical study in China, 63.0% of patients treated for 8 weeks achieved an Investigator's Global Assessment (IGA) score of 0 or 1 with an improvement of at least 2 points from baseline, versus 9.2% for placebo (P<0.001), and 78.0% achieved at least a 75% improvement in the Eczema Area and Severity Index (EASI 75), versus 15.4% for placebo (P<0.001).

In January 2026, ruxolitinib phosphate cream received China NDA approval as the first topical JAK inhibitor approved in China for vitiligo, and the AD approval extends the product to a second indication. It is estimated that China had more than 54 million AD patients in 2024, with mild-to-moderate cases accounting for 98%, or more than 52.5 million patients. Dermavon has built a comprehensive treatment-plus-care solution for AD, spanning Bailutuo (mild-to-moderate disease), comekibart injection (MG-K10) (moderate-to-severe disease), oral small-molecule targeted drug CMS-D001 (moderate-to-severe disease) and the Heling soothing product line, which is expected to synergize with Dermavon's commercialized innovative drug ILUMETRI (tildrakizumab injection) and exclusive drug Hirudoid (mucopolysaccharide polysulfate cream) in expert networks and market resources.

On December 2, 2022, the group through Dermavon entered into a collaboration and license agreement with Incyte, obtaining exclusive rights to develop, register and commercialize ruxolitinib phosphate cream in Mainland China, Hong Kong SAR, Macao SAR, the Taiwan region and 11 Southeast Asian countries, together with non-exclusive rights to manufacture the product within the territory. Incyte retains global development and commercialization rights and markets the product as Opzelura in the United States and Europe, where it was the first topical JAK inhibitor approved by the US FDA.

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Under the framework agreement, the group may from time to time invite the contractor to participate in tenders for engineering and related services, including general contracting, building and civil engineering, exterior and interior design, electrical and mechanical works, fire services, and water supply and drainage, with the term running from September 3, 2026 to March 31, 2029, effective upon approval by the independent shareholders, and pricing determined through public tender procedures with no fewer than three bidders in accordance with the PRC Tendering and Bidding Law. As the existing construction contract entered into by Zhanjiang Ruichen Real Estate Development Co., Ltd. on July 30, 2026, with an aggregate contract sum of approximately RMB 14.65 million (approximately HKD 16.94 million) for earthworks and piling works of the Zhanjiang project, is similar in nature to the transactions under the framework agreement, transactions under both contracts are aggregated, and no payment has been made to the contractor to date.

The announcement disclosed that the proposed annual caps for the years ending March 31, 2027, 2028 and 2029 are RMB 68 million (approximately HKD 78.61 million), RMB 134 million (approximately HKD 154.90 million) and RMB 177 million (approximately HKD 204.61 million), respectively. The caps were determined with reference to the group's business development strategy and project pipeline, led by the Zhanjiang project in Suixi County, Zhanjiang, Guangdong Province, which covers a site area of approximately 63,688.32 square meters with a total gross floor area of approximately 227,000 square meters; the project is expected to commence in October 2026, with the first batch of residential units launched in February 2027 and completion scheduled for early 2032. Mr. Tan and his associates, holding 4,055,892,779 shares or approximately 73.85% of the issued share capital, will abstain from voting on the resolution approving the framework agreement.

The company has established an independent board committee comprising all independent non-executive directors and appointed Gram Capital Limited as the independent financial adviser. A circular containing further details of the agreement, the committee's recommendations and the notice of the extraordinary general meeting is expected to be dispatched on or around September 15, 2026.

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According to the announcement, Baicor became the first topical JAK inhibitor approved in China for vitiligo in January 2026, and this approval marks its expansion into a second indication. 

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On September 3, Hong Kong stocks opened higher but closed lower. The Hang Seng Index fell 0.39% to 25,213.31 points, the Hang Seng TECH Index dropped 1.08%, and the Hang Seng China Enterprises Index declined 0.77%. Full-day turnover reached HKD 199.38 billion, continuing to shrink from the previous session.

On the trading floor, non-ferrous metals including gold rallied against the market trend: TONGGUAN GOLD (00340) rose 9.2% and LINGBAO GOLD (03330) gained 5.75%, as soft US ADP employment data eased rate-hike expectations. Innovative drug plays extended their gains, with HUTCHMED (00013) jumping 14.32% after reaching a licensing collaboration with GSK that includes an upfront payment of USD 110 million and potential milestone payments of up to nearly USD 1.3 billion; SBP GROUP (01177) rose 6.27%. Shipping stocks performed well, with COSCO SHIP ENGY (01138) up 6.49% as geopolitical disruptions underpinned the risk premium for crude tanker shipping. Internet stocks closed lower across the board: ALIBABA-W fell over 2%, and TRIP.COM-S (09961) declined 5.41%. SHEIN-W (00625) slid 8.7% to hit a fresh low.

Southbound capital recorded net purchases of HKD 3.395 billion during the day, of which the Shanghai leg of southbound Stock Connect saw net purchases of HKD 698 million and the Shenzhen leg net purchases of HKD 2.697 billion.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Category	Stock Code	Stock Name	Change (%)	Close (HKD)	Turnover (HKD 100mn)
Gainer 1	02575.HK	XUANZHUBIO-B	18.23	11.12	1.48
Gainer 2	02255.HK	HAICHANG HLDG	15.57	0.25	1.90
Gainer 3	00013.HK	HUTCHMED	14.32	21.88	7.78
Gainer 4	02687.HK	ABLE DIGITAL	12.70	362.00	0.96
Gainer 5	09903.HK	ILUVATAR COREX	9.23	402.20	7.81
Loser 5	02192.HK	MEDLIVE	-5.34	7.01	0.14
Loser 4	02477.HK	WELLCELL HOLD	-5.45	0.21	0.41
Loser 3	02652.HK	CF PHARMTECH	-7.09	11.80	0.30
Loser 2	02889.HK	PATEO	-8.82	142.70	0.93
Loser 1	03268.HK	MEIG	-9.58	19.17	0.46

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)

Rank	Stock Code	Stock Name	Southbound Turnover (HKD 100mn)	Southbound Net Buy (HKD 100mn)	Change (%)
1	00700.HK	TENCENT	45.75	2.88	-1.19
2	00100.HK	MINIMAX-W	38.30	4.11	3.62
3	09988.HK	ALIBABA-W	36.00	-7.60	-2.18
4	06869.HK	YOFC	33.78	4.64	-3.19
5	02513.HK	Z.AI	27.82	2.40	-0.81
6	01888.HK	KB LAMINATES	25.13	-1.10	3.18
7	00981.HK	SMIC	18.34	-1.48	-0.29
8	01810.HK	XIAOMI-W	16.31	3.75	-2.21
9	02269.HK	WUXI BIO	8.58	3.46	2.97
10	00148.HK	KINGBOARD HLDG	7.77	-1.83	-0.10

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

Category	Code	Short Name	Change (%)	Turnover (RMB 100mn)
Gainer 1	159217	ICBCCS CNI HK Equities Innovative Drugs ETF	3.35	7.42
Gainer 2	159570	China Universal CNI HK Equities Innovative Drugs ETF	3.35	21.42
Gainer 3	159297	China Southern CNI HK Equities Innovative Drugs ETF	3.31	2.46
Gainer 4	159286	Penghua CNI HK Equities Innovative Drugs ETF	3.23	0.90
Gainer 5	513780	Invesco Great Wall CSI HK Equities Innovative Drugs ETF	3.17	6.78
Loser 5	159040	Penghua CSI HK Equities Internet ETF	-1.33	0.02
Loser 4	520630	GF CSI HK Equities Internet ETF	-1.39	0.05
Loser 3	513770	Hwabao CSI HK Equities Internet ETF	-1.45	2.74
Loser 2	520910	ChinaAMC CSI HK Equities Internet ETF	-1.45	0.23
Loser 1	159792	Fullgoal CSI HK Equities Internet ETF	-1.60	10.81

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)

Rank	Code	Short Name	Tracking Index	Turnover (RMB 100mn)	Turnover Rate (%)	Change (%)
1	159570	China Universal CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	21.42	9.37	3.35
2	159131	Hwabao CSI HK Equities Information Technology Integration ETF	CSI HK Equities Information Technology Integration Index	15.71	71.22	-0.21
3	159792	Fullgoal CSI HK Equities Internet ETF	CSI HK Equities Internet Index	10.81	3.00	-1.60
4	513750	GF CSI HK Connect Financials (ex Banks) Thematic ETF	CSI HK Connect Financials (ex Banks) Thematic Index	10.58	8.27	1.81
5	159567	Yinhua CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	10.10	13.72	2.88
6	159316	E Fund Hang Seng HK Innovative Drugs ETF	Hang Seng HK Innovative Drugs Index	7.55	12.18	2.79
7	159217	ICBCCS CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	7.42	10.52	3.35
8	513780	Invesco Great Wall CSI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	6.78	21.08	3.17
9	159506	Fullgoal Hang Seng HK Equities Innovative Drugs And Health Care ETF	Hang Seng HK Equities Innovative Drugs And Health Care Index	5.35	15.74	2.73
10	520700	Wanjia CSI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	5.04	66.66	2.91

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. Baidu completes dual primary listing conversion; inclusion in Stock Connect possible as early as September 7

On September 1, Baidu (09888.HK) announced that its voluntary conversion of its secondary listing status on The Stock Exchange of Hong Kong from secondary to dual primary listing had taken effect, with the "S" marker removed from its share short name. Market analysis, based on current rules and review cycles, suggests Baidu could be included in Stock Connect as early as September 7. Group CFO He Haijian said that, drawing on past cases, southbound capital could flow in within days to a week, with incremental inflows of 10% to 15% expected. Morgan Stanley forecasts southbound inflows of USD 3 billion to 6.8 billion over the first 6 to 12 months after inclusion. Baidu is a potential Stock Connect constituent.

2. Moonshot AI reportedly files confidentially with HKEX to kick off Hong Kong IPO process

According to market sources, Moonshot AI, a leading domestic developer of large language models, confidentially filed its A1 with the Hong Kong Stock Exchange this week, formally initiating its Hong Kong IPO process. The company is advancing a new funding round at a pre-money valuation of USD 50 billion, which may be its final round before the IPO. Kimi declined to comment on the rumors. If listed successfully, the company could become a potential Stock Connect constituent.

3. MANYCORE TECH added to Hang Seng Composite Index, effective September 7; inclusion expectations heat up

On August 21, Hang Seng Indexes Company announced the results of its semi-annual index review, with MANYCORE TECH (00068.HK) officially added as a constituent of the Hang Seng Composite Index. The related changes will be implemented after the market close on September 4 and take effect on September 7. Inclusion in the Hang Seng Composite Index is a core prerequisite for entering the Stock Connect eligible universe. The company posted H1 revenue of RMB 405 million, a record-high gross margin of 83%, and adjusted net profit of RMB 55.42 million, up 211% year on year; revenue from new AI applications and new products grew 177% year on year.

4. CHINAGOLDINTL added to Hang Seng High Beta Index and Hang Seng SCHK Central SOEs Quality Index, effective September 7

On September 3, CHINAGOLDINTL (02099.HK) announced its inclusion in the Hang Seng High Beta Index and the Hang Seng SCHK Central SOEs Quality Index. The related changes will be implemented after the market close on September 4 and take effect on September 7. The Hang Seng SCHK Central SOEs Quality Index takes central state-owned enterprises as its stock selection universe, and all of its constituents are eligible for Stock Connect trading. CHINAGOLDINTL is a Stock Connect constituent.

5. LONGSYS subscription closes today; margin financing oversubscribed 26 times; listing expected September 8

On September 3, the public offering of semiconductor memory maker LONGSYS (09976.HK) closed today. The public tranche recorded HKD 17.05 billion in margin financing subscriptions, representing oversubscription of 26.2 times against the public fundraising amount of HKD 630 million. The company plans to offer 26,077,800 H shares globally at a maximum offer price of HKD 240.6 per share, in board lots of 50 shares, with listing expected on September 8.

V. Market Notes

Eligible securities list adjustment announcement

No recent announcements.

Trading calendar

No approaching market closure days.

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On the market breadth, by sector: themes such as non-ferrous metals, non-bank financials, and transportation rose against the trend, while themes such as coal, paper and packaging, and consumer discretionary retail led the declines.

Among the Hang Seng Index constituent stocks, 42 rose and 50 fell. On the downside, TRIP.COM-S fell 5.41%, CHOW TAI FOOK fell 4.22%, and WHARF REIC fell 3.28%. On the upside, SBP GROUP rose 6.27%, CSPC PHARMA rose 4.80%, and CHINA RES MIXC rose 3.59%.

Among the Hang Seng TECH Index constituent stocks, 7 rose and 23 fell. On the downside, TONGCHENGTRAVEL fell 4.50%, JD HEALTH fell 2.70%, and KUAISHOU-W fell 2.62%. On the upside, MINIMAX-W rose 3.62%, HUA HONG GRACE rose 1.96%, and HAIER SMART HOME rose 1.53%.

Among the Stock Connect constituent stocks, XUANZHUBIO-B surged 18.23%, HAICHANG HLDG surged 15.57%, and ABLE DIGITAL surged 12.70%. MeiG Intelligent Link fell 9.58%; PATEO fell 8.82%; and CF PHARMTECH fell 7.09%.

In its Hong Kong market outlook, China Zheshang International Financial Holdings stated that, on fundamentals: the domestic economy remains in a bottoming-out phase, with severe internal structural divergence within the economy; on policy: technological innovation and expanding domestic demand are the focus of subsequent policies; on liquidity: expectations of US rate cuts are under short-term pressure, while southbound funds increased their positions against the market trend this week; on sentiment: the market has pulled back from a phase high, and short-term market sentiment has turned cautious.

In terms of sector allocation, it favors sectors with relatively strong prosperity that also benefit from favorable policies, such as New Energy, innovative drugs, and AI technology; the undervalued central and state-owned enterprise (SOE) dividend sector with steady earnings and share prices that benefit from favorable policies; and Hong Kong local banks, telecom, and utility dividend stocks whose fundamentals are relatively independent and that benefit from the rate-cut cycle. (Source: China Zheshang International Financial Holdings, "Hong Kong Market Strategy Weekly Report," September 3, 2026)

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Mr. Wu has confirmed that he has no disagreement with the Board and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company. The Board expressed its sincere gratitude for Mr. Wu's diligent work and important contributions to the high-quality development of the Company during his tenure.

The resignation has not caused the Board to fall below the quorum. Before a new chairman is elected by the Board and assumes the role of the Company's legal representative, Mr. Zhang Jiankuo, the general manager of the Company, will perform the duties of the legal representative; the Company will complete the election of a new chairman in accordance with statutory procedures as soon as possible to ensure compliance with the requirements of the Listing Rules of the Hong Kong Stock Exchange, and will publish further announcements in due course.

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In respect of the progress of restoring the public float, the Company has explored the possibility of certain of its connected persons disposing of their shares, but the relevant negotiations have encountered significant obstacles as the Company is unable to control the intention, timing and manner of shareholders' share disposals due to the shareholders' own established investment plans; the Company also noted that if shares are disposed of by shareholders who are connected persons, such shares may be taken up by existing substantial shareholders or their associates, which would not materially increase the public float. The Board had considered adopting a share scheme as one of the feasible options, but upon evaluation, the implementation of such a scheme would involve substantial fees, and the Board considered that incurring such costs may not be in the best interests of the Company and its shareholders given the potential impact on the Company's financial performance, and is actively considering other more cost-effective alternatives.

The delay and deviation from the original restoration schedule were jointly caused by various factors, including shareholders potentially continuing to increase their shareholdings in the open market, the reluctance of the major shareholders approached to dispose of their shares due to their respective circumstances, and the potential costs of adopting a share scheme. The Company expects to extend the deadline for restoring the public float by a further six months from the date of this announcement (i.e. to March 2027). As long as the Company remains non-compliant with Rule 13.32B of the Listing Rules, it will continue to publish monthly announcements on the status of its public float and the progress of its restoration plan, and comply with other requirements under Rule 13.32E of the Listing Rules.

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Mr. Li, aged 51, is currently the legal representative of Guangdong Zhicheng Intellectual Property Research Institute, with over 20 years of experience in intellectual property management and operations. He previously served at several technology companies, including Shenzhen Fengchuang Zhicheng Technology Co., Ltd., Tencent Holdings Limited (stock code: 00700.HK), Shenzhen Coship Electronics Co., Ltd. (stock code: 002052.SZ) and Skyworth Group (stock code: 00751.HK). He has extensive management experience in intellectual property operations, corporate intellectual property strategic planning and management, and intellectual property platform construction and big data management, and has been selected into the intellectual property expert pools of the China National Intellectual Property Administration and the provinces of Guangdong and Jiangsu. Mr. Li graduated from the law faculty of Southwest University of Political Science and Law with a bachelor's degree in law, and has served as an adjunct professor or adjunct researcher at a number of universities.

Mr. Li has entered into a letter of appointment with the Company for a term of two years commencing from 3 September 2026, with director's remuneration of RMB 20,000 per month. Mr. Li has no relationship with any director, senior management or substantial shareholder of the Company, and holds no shares of the Company as of the date of this announcement.

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Gold miner and Taiwan themes performed strongly during the session. E Fund (HK) Solactive Global Gold Miner Select Index ETF (2824.HK) rose 3.98%, the largest gain; iShares Core MSCI Taiwan Index ETF (3074.HK) advanced 3.24%; Global X Japan Global Leaders ETF (3150.HK) rose 2.22%; E Fund (HK) Solactive Biopharma Select Index ETF (3186.HK) gained 1.96%; Pando Blockchain ETF (3112.HK) rose 1.90%; ChinaAMC Hang Seng Hong Kong Biotech Index ETF (3069.HK) and CSOP Hang Seng Biotech ETF (3174.HK) both advanced 1.72%; Hang Seng Japan TOPIX 100 Index ETF (3410.HK) rose 1.67%; Global X China Biotech ETF (2820.HK) gained 1.47%; and CSOP Nikkei 225 Index ETF (3153.HK) rose 1.43%. Overall, gold miner, Taiwan, Japan and biopharma themes formed an evident rebound linkage, with all of the top-10 gainers up more than 1.4%.

HK shares ETFs Top 10 Gainers
No.	Code	Name	Change (%)	Tracking Index	Manager
1	2824.HK	E Fund (HK) Solactive Global Gold Miner Select Index ETF	3.98	--	E Fund Asset Management (Hong Kong) Limited
2	3074.HK	iShares Core MSCI Taiwan Index ETF	3.24	MSCI Taiwan Index	BlackRock Asset Management North Asia Limited
3	3150.HK	Global X Japan Global Leaders ETF	2.22	FactSet Japan Global Leaders Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
4	3186.HK	E Fund (HK) Solactive Biopharma Select Index ETF	1.96	--	E Fund Asset Management (Hong Kong) Limited
5	3112.HK	Pando Blockchain ETF	1.90	--	Pando Limited
6	3069.HK	ChinaAMC Hang Seng Hong Kong Biotech Index ETF	1.72	Hang Seng Hong Kong-Listed Biotech Index	China Asset Management (Hong Kong)
7	3174.HK	CSOP Hang Seng Biotech ETF	1.72	Hang Seng Hong Kong-Listed Biotech Index	CSOP Asset Management Limited
8	3410.HK	Hang Seng Japan TOPIX 100 Index ETF	1.67	TOPIX Total Return Index	Hang Seng Investment Management
9	2820.HK	Global X China Biotech ETF	1.47	Solactive China Biotech Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
10	3153.HK	CSOP Nikkei 225 Index ETF	1.43	--	CSOP Asset Management Limited
Source/Compiled by: Wind / NewTimeSpace, as of the close onSeptember 3, 2026 Statistical note: Only HKD-denominated equity ETFs traded in the Hong Kong market are counted.

On the downside, China internet and Hang Seng TECH ETFs led the declines, though losses were modest overall. ICBC UBS KraneShares KWEB CSI China Internet ETF (3102.HK) fell 1.59%, the biggest drop; Global X Asia Pacific High Dividend Yield ETF (3116.HK) declined 1.32%; Global X Hang Seng TECH ETF (2837.HK) fell 1.25%; ChinaAMC CSI 300 Index ETF (3188.HK) declined 1.20%; CMS Hang Seng Tech Index ETF (3423.HK) fell 1.17%; CSOP Hang Seng Tech Index ETF (3033.HK) declined 1.13%; Hang Seng TECH Index ETF (3032.HK) fell 1.06%; iShares Hang Seng TECH ETF (3067.HK) declined 1.05%; ChinaAMC Hang Seng Tech Index ETF (3088.HK) fell 0.96%; and Hang Seng FTSE China 50 Index ETF (2838.HK) declined 0.90%. China internet, high-dividend yield and Hang Seng TECH ETFs came under pressure during the session, but no decline exceeded 1.6%.

HK shares ETFs Top 10 Decliners
No.	Code	Name	Change (%)	Tracking Index	Manager
1	3102.HK	ICBC UBS KraneShares KWEB CSI China Internet ETF	-1.59	CSI Overseas China Internet Index	ICBC Credit Suisse Asset Management (International) Company Limited
2	3116.HK	Global X Asia Pacific High Dividend Yield ETF	-1.32	Solactive Asia Pacific High Dividend Yield Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
3	2837.HK	Global X Hang Seng TECH ETF	-1.25	Hang Seng TECH Index	Mirae Asset Global Investments (Hong Kong)
4	3188.HK	ChinaAMC CSI 300 Index ETF	-1.20	CSI 300 Index	China Asset Management (Hong Kong)
5	3423.HK	CMS Hang Seng Tech Index ETF	-1.17	Hang Seng TECH Index	CMS Asset Management (HK) Co., Limited
6	3033.HK	CSOP Hang Seng Tech Index ETF	-1.13	Hang Seng TECH Index	CSOP Asset Management Limited
7	3032.HK	Hang Seng TECH Index ETF	-1.06	Hang Seng TECH Index	Hang Seng Investment Management
8	3067.HK	iShares Hang Seng TECH ETF	-1.05	Hang Seng TECH Index	BlackRock Asset Management North Asia Limited
9	3088.HK	ChinaAMC Hang Seng Tech Index ETF	-0.96	Hang Seng TECH Index	China Asset Management (Hong Kong)
10	2838.HK	Hang Seng FTSE China 50 Index ETF	-0.90	FTSE China 50 Index	Hang Seng Investment Management
Source/Compiled by: Wind / NewTimeSpace, as of the close onSeptember 3, 2026 Statistical note: Only HKD-denominated equity ETFs traded in the Hong Kong market are counted.

NewTimeSpace Research data showed that on September 3, 2026, the HK shares ETFs market featured a rotation in which gold miner and regional technology themes strengthened while Hang Seng TECH and China internet ETFs came under pressure. Gold miner, Taiwan, Japan and biopharma themes saw concentrated rebounds and led the gains, whereas China internet, high-dividend yield and Hang Seng TECH ETFs pulled back slightly. Market hotspots recovered markedly from the previous session's extremely depressed state, with gold miner and Japan/Taiwan themes becoming the day's main lines and biopharma extending its rebound; Hang Seng TECH and China internet ETFs, however, still face some adjustment pressure.

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On the news front, on September 2, Broadcom predicted that its AI chip sales will surge sharply over the next two years. Chief Executive Officer Hock Tan stated that AI chip revenue will double to approximately USD 115 billion in fiscal year 2027 and soar to USD 230 billion in the next fiscal year.

Sinolink Securities pointed out that in the first half of 2026, the electronics industry's revenue and net profit grew 30.98% and 99.38% year-on-year respectively, with the PCB, semiconductor equipment, and design segments performing particularly prominently. Demand for AI servers and high-speed switches has driven both volume and price higher across the supply chain, while domestic substitution has accelerated; orders in the equipment and core components segments have maintained high growth, and profitability has improved markedly.

ASMPT(00522.HK)Engages in R&D and global sales of semiconductor assembly and packaging equipment, advanced packaging equipment, and surface mount technology. Its 2.5D/3D advanced packaging tools, such as thermo-compression bonding (TCB) machines, have been delivered to multiple leading OSATs, IDMs, and memory manufacturers worldwide for volume production of HBM and chiplet-based chips. The company has publicly disclosed multiple follow-on orders from AI-compute related customers.

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