On August 18, the broader AH tech sector pulled back as Hong Kong-listed hard tech names wobbled. Z.AI, Minimax, and Mafit each tumbled more than 10%, while Kingboard Laminates and Tianshu Zhixin slid over 7%, and Lenovo Group and Hua Hong Semiconductor fell more than 3%. The HK Connect Information Technology ETF (159131), the largest and most liquid of its kind, saw its on-market price decline 2.84%, with real-time turnover reaching 766 million yuan.
On the news front, Z.AI unveiled its GLM-5.3 model last week and announced that it would be open-sourced within two weeks. The model boasts 743 billion parameters, and in evaluations across several mainstream benchmark tests, GLM-5.3 ranked first among all currently open-sourced or soon-to-be-released models. However, some institutions noted that this model is an iterative update over GLM-5.2, not the larger flagship parameter model that markets had anticipated, thus failing to deliver an outsized catalyst.
Guosheng Securities, meanwhile, observed that model supply is accelerating its iteration cycle. Following Z.AI's release of GLM-5.3, model and agent capabilities continue to evolve. ByteDance has also established an AI Data and Safety team covering the full data lifecycle, reflecting that high-quality data and robust governance are rising to the level of organizational capability building. This is expected to boost attention on the AI data supply chain. On the application side, the commercialization logic for Work Agent continues to prove out, and cloud computing and compute leasing remain the foundational infrastructure to absorb growing application demand, standing to benefit directly from rising model call volumes.
Notably, on August 17, the latest index rebalance for the HK Connect Information Technology ETF (159131) took effect. The adjustment added six new constituent stocks: Luxshare Precision, Sanhua Group, Minimax, Nexchip Semiconductor, SG Micro, and Anker Innovations. With this change, the HK Connect Information C Index has expanded from 61 to 67 constituents, further strengthening its hard-tech profile.
It is worth highlighting that just two months ago, the index had added Z.AI during its previous rebalance, and now with the rapid inclusion of Minimax, it has become one of the few indices in the market to hold both of the "domestic large-model twins."
This Hong Kong-listed "pure-play" hard tech ETF supports T+0 trading! As the first of its kind on the market, the HK Connect Information Technology ETF (159131) boasts the largest scale and strongest liquidity among its peers. Its off-exchange feeder fund is coded 026755, and the underlying HK Connect Information C Index is constructed with an "85% hardware + 15% software" split, heavily weighted toward Hong Kong-listed semiconductor, electronics, and computer software names. It holds 67 Hong Kong hard-tech companies, including the "wafer foundry duo" SMIC and Hua Hong Semiconductor, "domestic AI PC leader" Lenovo Group, and the "domestic large-model twins" Z.AI and Minimax.
Additionally, the August 17 index rebalance added several hard-tech sub-sector leaders such as Luxshare Precision, Sanhua Group, Minimax, Nexchip Semiconductor, SG Micro, and Anker Innovations. The index excludes large-cap internet players like Alibaba, Tencent, and Meituan, offering higher purity and making it easier to capture Hong Kong-listed AI hard-tech trends.
Market volatility may be elevated in the near term, and short-term gains or losses do not predict future performance. Fund investing carries potential losses. Investors should make rational decisions based on their own financial situations and risk tolerance, paying close attention to position and risk management. The stocks mentioned in this material are for illustrative purposes only and do not constitute investment advice of any form, nor do they represent the holdings or trading activities of any fund managed by the manager.
Note: "First of its kind on the market" refers to the HK Connect Information Technology ETF (159131) being the first ETF tracking the CSI HK Connect Information Technology Composite Index. As of August 11, 2026, the ETF's latest on-market scale stood at 2.414 billion yuan, making it the largest among eight ETFs tracking the same index. Its year-to-date average daily turnover is 1.079 billion yuan, the highest among the same peer group.
Risk disclosure: The HK Connect Information Technology ETF (159131) passively tracks the CSI HK Connect Information Technology Composite Index, which was established on November 14, 2014, and published on June 23, 2017. Index constituents are adjusted periodically according to the index methodology, and historical back-tested performance does not predict future index results. The index constituents mentioned here are for display only, and stock descriptions do not constitute investment advice of any form, nor do they represent the holdings or trading activities of any fund managed by the manager. According to the fund manager's assessment, the ETF carries a risk rating of R4 (medium-high risk), suitable for aggressive (C4) and above investors. Please refer to the sales institution for suitability matching opinions. Any information in this article (including but not limited to stocks, commentary, forecasts, charts, indicators, theories, and any forms of expression) is for reference only. Investors are solely responsible for their own investment decisions. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice to readers, and no liability is assumed for any direct or indirect losses arising from the use of this content. Fund investing carries risks, and past performance does not guarantee future returns. The performance of other funds managed by the manager does not guarantee the performance of this fund. Please invest with caution.
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