Amid year-end risk aversion and slowing southbound capital inflows, Hong Kong's tech sector has experienced sustained corrections. Against this backdrop, listed companies have launched a "buyback wave," sending positive signals to the market.
Wind data shows that as of December 12, 2025, over 250 Hong Kong-listed firms have conducted share repurchases this year, totaling more than 7 billion shares bought back with over HK$168 billion. The tech sector stands out with particularly active buyback activity, demonstrating strong corporate confidence in industry prospects.
This positive momentum has extended to secondary markets, with ETFs tracking Hong Kong tech stocks continuing to attract inflows despite market downturns. The popular Hang Seng Tech ETF (513130) recorded six consecutive days of net inflows (December 5-12, 2025), pushing its outstanding shares to 58.673 billion units and AUM to RMB43.43 billion, with average daily turnover reaching RMB5.226 billion year-to-date. The ETF's T+0 trading feature makes it an efficient tool for investing in Hong Kong's tech sector. (Data source: exchanges and Wind, as of December 12, 2025)
Recent adjustments in Hong Kong's tech sector primarily reflect liquidity fluctuations, while accelerating AI revenue growth and commercialization progress among internet companies may provide future support. (Source: company periodic reports)
Dongwu Securities notes: "Potential Fed rate cuts next year could benefit growth stocks' valuations in a looser rate environment. With global tech cycles aligning, Chinese AI tech has upside potential. Should China's AI progress exceed expectations with another 'DeepSeek moment,' Hong Kong tech stocks may demonstrate greater elasticity." (Source: Dongwu Securities report dated December 12, 2025)
The Hang Seng Tech ETF (513130) tracks an index comprising competitively positioned tech leaders, with top constituents including Meituan-W, Xiaomi Corp-W, Tencent Holdings, Alibaba-W, and SMIC. These companies possess strong technological capabilities across internet services, mobile payments, cloud computing, and AI. Compared to A-share hard tech firms, these internet-based soft tech assets offer relative scarcity. As of December 12, 2025, the index's P/E ratio stood at 23.72x, in the lower 37.69 percentile of its five-year range. Investors may consider the liquid, large-scale Hang Seng Tech ETF (513130) and its feeder funds (Class A 015310, Class C 015311). (Index data source: Hang Seng Indexes Company and Wind)
Note: T+0 refers to exchange trading mechanisms
Risk Disclosure: Investments involve risks. Investors should assess their risk tolerance and consult fund documents before investing. Past performance doesn't guarantee future results. Overseas investments carry additional risks including currency fluctuations and foreign market volatility. The index is compiled by Hang Seng Indexes Company, which disclaims liability for any errors.
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