In early trading on June 9th, the chip and semiconductor sector staged a strong rebound. Among Hong Kong's hard technology stocks, PCB giant KINGBOARD HLDG surged over 18%, while KINGBOARD HLDG rose more than 12%. The largest and most liquid* Hong Kong Stock Connect Information Technology ETF (159131) opened higher and continued to gain, climbing over 3% at one point and currently up 2.74%, with a real-time turnover of 731 million yuan.
The catalyst for the move is a sharp recent increase in global printed circuit board (PCB) prices, driven by supply disruptions of key raw materials due to geopolitical tensions in the Middle East. Analysts from Goldman Sachs noted in a recent report that global PCB prices in April alone soared by up to 40% compared to March. Market research firm Prismark forecasts the global PCB industry will grow 12.5% by 2026, reaching $95.8 billion.
Analyst Insight on the Sector's Value Trajectory
A previous research report from Guojin Securities pointed out that PCBs represent one of the hardware components with the steepest value growth trajectory in AI infrastructure. Their role is evolving from a simple carrier to a core interconnection component within AI server racks, making high layer counts, advanced HDI, and high-frequency/high-speed capabilities essential. The industry is experiencing a structural opportunity with simultaneous volume and price increases, and the value growth slope is expected to steepen further with each new product generation.
Performance of the Underlying Index
Over the past six months, the CSI Hong Kong Stock Connect Information Technology Composite Index, which the ETF tracks, has accumulated gains exceeding 15%. This performance has outpaced the Hang Seng Tech Index by 31%, the Hong Kong Stock Connect Technology Index by 30%, and the Hong Kong Stock Connect Internet Index by over 44%, demonstrating significantly sharper and more elastic returns.
Performance Period: 2025.11.8-2026.6.8. The annual historical returns for the Hong Kong Stock Connect Information C Index from 2021 to 2025 were: -9.54%, -34.47%, -0.25%, 21.58%, and 39.30%, respectively. Past index performance is not indicative of future results.
ETF Overview and Key Holdings
Supporting T+0 trading, this ETF is the first of its kind in the market, the largest, and the most liquid Hong Kong Stock Connect Information Technology ETF (159131). Its associated feeder fund code is 026755. The underlying index is composed of "80% hardware + 20% software," heavily weighted towards Hong Kong-listed companies in "semiconductors + electronics + computer software." It covers 52 hard tech companies. The largest constituent, Lenovo Group, has a weight of 16.10%, making this the index with the highest Lenovo exposure among all market indices with linked products. KINGBOARD HLDG and KINGBOARD HLDG together hold a combined weight exceeding 7%, also the highest concentration in the market. The index excludes large-cap internet companies like Alibaba, Tencent, and Meituan, resulting in higher focus and making it more effective for capturing the AI hard tech trend in Hong Kong. (Data as of 2026.5.29)
Data Source: CSI Index Company, Shanghai and Shenzhen Stock Exchanges.
Note: "First in the market" refers to this ETF being the first to track the CSI Hong Kong Stock Connect Information Technology Composite Index. As of 2026.5.29, the ETF's latest on-exchange size was 1.346 billion yuan, making it the largest among the 8 ETFs currently tracking the index. Its average daily turnover year-to-date is 372 million yuan. The annual historical returns for the underlying CSI Hong Kong Stock Connect Information Technology Composite Index (HKD) from 2021 to 2025 were: -9.54%, -34.47%, -0.25%, 21.58%, and 39.30%, respectively. Past index performance is not indicative of future results.
Fund Fee Information
Subscription and redemption agents for this ETF may charge a commission of up to 0.5%. On-exchange trading fees are subject to the rates set by the securities firm. No sales service fee is charged.
Institutional View Source: Guojin Securities "Computer Industry Research: PCBs, The King of the Slope"
Risk Disclosure
This ETF and its feeder fund passively track the CSI Hong Kong Stock Connect Information Technology Composite Index, with a base date of 2014.11.14 and a release date of 2017.6.23. The index constituents mentioned in this material are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form and do not represent the holdings or trading动向 of any fund managed by the asset manager. This product is issued and managed by China Universal Asset Management. Distributing institutions do not bear responsibility for the investment or redemption of the product. Investors should carefully read the Fund Contract, Prospectus, Key Facts Statement, and other legal fund documents to understand the fund's risk-return characteristics and choose a product suitable for their own risk tolerance. Past fund performance does not predict future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Fund investment involves risk! The fund manager assesses this fund's risk等级 as R4 - Medium to High Risk, suitable for Aggressive (C4) and above investors. Distributors (including the fund manager's direct sales channels and other distributors) evaluate the fund's risk according to relevant laws and regulations. Investors should pay timely attention to the appropriateness opinions issued by distributors and base their decisions on the matching results. Appropriateness opinions from different distributors may not be entirely consistent. The risk等级 evaluation results provided by fund distributors shall not be lower than those determined by the fund manager. The description of the fund's risk-return characteristics in the fund contract and its risk等级 may differ due to different considerations. Investors should understand the fund's risk-return profile and choose fund products cautiously based on their own investment objectives, horizon, experience, and risk tolerance, bearing the risks themselves. The China Securities Regulatory Commission's registration of this fund does not indicate a substantive judgment or guarantee of its investment value, market prospects, or returns. Funds carry risks; investment requires caution.
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