On March 5, 2026, the State Council Information Office held a briefing to interpret the government work report, once again highlighting the "anti-internal competition" agenda. It was proposed that efforts in 2026 will strengthen anti-monopoly and anti-unfair competition measures, enhance the binding force of fair competition reviews, and utilize a combination of capacity regulation, standard guidance, price enforcement, and quality supervision to thoroughly address "internal competition" and foster a healthy market ecosystem.
Previously, behaviors such as food delivery wars and cash bonus battles were among the factors weighing on the performance of the Hong Kong stock technology sector. Influenced by the anti-internal competition policies, southbound funds recorded a significant net sell-off of over HKD 27.7 billion in Hong Kong stocks on March 5, 2026, setting a historical record and contributing to an afternoon decline in the technology sector. However, from a long-term development perspective, the continued advancement of anti-internal competition policies is expected to encourage Hong Kong-listed internet companies to gradually move away from irrational subsidy battles, focus on core technology research and development, and return to the AI narrative. This shift is likely to consistently optimize corporate profit structures and enhance market valuations.
As one of the core products for investing in the Hong Kong stock technology sector, the Hang Seng Tech ETF (513130) has continued to reflect market confidence through its fund flows. Wind data shows that the ETF has experienced net inflows for 11 consecutive trading days (February 11 to March 5, 2026), with cumulative inflows reaching RMB 7.2 billion, driving its latest share count to 79.635 billion shares, approaching the 80 billion mark. Additionally, the Hang Seng Tech ETF (513130) has shown increased trading volume against the trend, demonstrating market confidence in the medium- to long-term allocation value of the Hong Kong stock technology sector.
Furthermore, this year's government work report reiterated the emphasis on domestic demand-led growth and consumption expansion. The Hang Seng Tech Index, tracked by the Hang Seng Tech ETF (513130), represents a cluster of influential, liquid, and core-track internet and hard technology leaders in China. It serves as both a bellwether and a core asset among Chinese tech stocks, poised to realize value appreciation amid the deepening AI wave and sustained consumer market momentum. Wind data indicates that the Hang Seng Tech Index's current valuation is at a relatively low level, around the 10.38th percentile over the past five years, suggesting that pessimistic expectations may already be largely priced in, making the current position worthy of attention.
The Hang Seng Tech ETF (513130), which supports intraday T+0 trading, is one of the widely recognized mainstream tools for allocating to the Hong Kong stock technology sector. With a latest size of RMB 48.729 billion, it holds a significant scale advantage, while its average daily turnover for the year exceeds RMB 5.4 billion, making it the only ETF tracking the Hang Seng Tech Index with an average daily turnover above RMB 5 billion during the same period. The management fee rate for the product is 0.2% per annum.
Huatai-PineBridge Fund, the manager of the Hang Seng Tech ETF (513130) and its feeder funds (Class A 015310, Class C 015311), is one of China's first ETF managers. For years, it has been committed to providing investors with transparent, easily tradable, and low-cost index tool products. Two of its flagship ETF products—Huatai-PineBridge CSI 300 ETF (510300) and Huatai-PineBridge A500 ETF (563360)—are highly popular in the market, currently ranking first in scale among similar ETFs. Their management fee rate is 0.15% per annum, and the custody fee rate is 0.05% per annum, both among the lowest tiers for equity index funds in the current market.
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