The Southern Hang Seng Tech ETF (520570) rose more than 3% in morning trading. As of the time of writing, it was up 3.06% at HK$0.809, with a turnover of HK$91.31 million. According to the fund manager, since the beginning of 2026, rising global risk premiums have put pressure on high-beta assets such as Hong Kong-listed technology stocks. Market concerns have mainly centered on: AI-driven technological shifts leading to a re-evaluation of valuation logic, earnings and regulatory cycles that have yet to bottom out, and capital outflows from Hong Kong stocks to markets in South Korea and Japan. However, the medium-term recovery thesis for the Hang Seng Tech Index remains intact: the impact of AI on SaaS and concerns over delivery platform investments have been largely priced in, with returns on investment outperforming U.S. equities. Southbound capital continues to flow in, and AI commercialization is accelerating. Notably, the current price-to-earnings ratio (TTM) of the Hang Seng Tech Index has entered an extremely low historical range. Compared to the STAR 50 Index and the Nasdaq 100 Index, the Hang Seng Tech Index holds a significant valuation advantage. Public information indicates that the Southern Hang Seng Tech ETF (520570; with feeder fund A-shares 020988 and C-shares 020989) closely tracks the Hang Seng Tech Index, covering 30 large-cap, highly liquid technology companies listed in Hong Kong. It serves as a key instrument for capturing trends in the Hong Kong technology sector.