The Hong Kong technology sector has recently experienced overall pressure and volatile adjustments, with the Hang Seng Tech Index's latest closing price hitting a new low since May 2025, driving valuations down to approximately the 10.73rd percentile of its historical range over the past five years. Market observers widely believe the sector may still be in a consolidation phase in the short term. However, capital has shown a clear trend of contrarian accumulation. The Hang Seng Tech ETF (513130) saw increased trading volume for two consecutive sessions and has attracted over 13.3 billion yuan in net inflows year-to-date. It is the only product tracking the Hang Seng Tech Index to have exceeded 10 billion yuan in net inflows during this period, demonstrating market confidence in the sector's medium- to long-term investment value.
On the news front, on March 2, 2026, the first major large language model company listed in Hong Kong released its inaugural annual results. The report showed the company achieved total revenue of $79.038 million in 2025, a year-on-year increase of 158.9%. Seventy percent of its revenue came from international markets, and its gross profit margin improved to 25.4%, with these strong results exceeding market expectations. As the first financial report from a major player in the large model field, it highlights improvements in the company's revenue structure and profitability, as well as the emergence of economies of scale, providing evidence of the commercial viability of the AI large model sector. J.P. Morgan noted in a research report, "We did not see any particularly unfavorable data."
Dongwu Securities pointed out that the future trajectory of the Hang Seng Tech Index will likely be influenced by three main factors: macroeconomic data, policy expectations, and corporate earnings verification. Overseas inflation and employment data, which shape expectations for the Federal Reserve's interest rate path, are key factors affecting the valuation flexibility of Hong Kong tech stocks. Domestic price and interest rate signals primarily offer insights into "policy space and the pace of economic recovery." Meanwhile, the Nvidia GTC conference and the release of annual 2025 results by core constituents of the Hong Kong tech sector may shift market focus from macro-themed drivers back to verifying industry momentum and the realization of profits and cash flows.
The Hang Seng Tech Index, tracked by the Hang Seng Tech ETF (513130), represents a cluster of influential, highly liquid leaders in core internet and hard technology sectors in China. It is regarded by the market as a key barometer and core asset among Chinese tech stocks, serving as a significant vehicle for the AI narrative within the Chinese market. As of March 3, 2026, the index's top five constituents were BYD Company, SMIC, Alibaba Group, Tencent Holdings, and NetEase.
The Hang Seng Tech ETF (513130), which supports same-day T+0 trading, is one of the mainstream tools recognized by investors for allocating to the Hong Kong tech sector. With a latest size of 48.738 billion yuan, it holds a significant scale advantage. Its average daily turnover year-to-date has exceeded 5.5 billion yuan, making it the only ETF tracking the Hang Seng Tech Index with an average daily turnover over 5 billion yuan during the same period. The fund's management fee is 0.2% per annum.
The fund manager of the Hang Seng Tech ETF (513130) and its feeder funds (Class A: 015310, Class C: 015311), Huatai-PineBridge Fund, is one of China's first ETF managers. For years, it has been committed to providing investors with index-based products characterized by transparency, convenient trading, and low fees. Two of its flagship ETFs—the Huatai-PineBridge CSI 300 ETF (510300) and the Huatai-PineBridge A500 ETF (563360)—are highly popular in the market and currently rank first in size among their respective ETF categories. Their management fee is 0.15% per annum, and the custody fee is 0.05% per annum, representing the lowest tier of fee levels for equity index funds in the current market.
A MACD golden cross signal has formed, indicating positive momentum for several stocks.
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