Since August, the Hong Kong tech sector, which is highly sensitive to liquidity conditions, has faced persistent downward pressure due to rising US Treasury yields and shifting expectations around Fed rate hikes. The Hang Seng Tech Index broke below the 4,300-point mark in morning trading and has fallen back under its annual moving average.

This pullback has pushed valuations back into a lower range, with the latest price-to-earnings ratio standing at just 22.59 times, placing it at the 30.09th percentile since the index's inception on July 27, 2020. However, after this round of consolidation, much of the risk that had built up in the Hong Kong tech sector may have been digested, and valuations are increasingly attractive, which could provide support for a sector recovery alongside ongoing AI industry advancements both at home and abroad.

Against this backdrop of low valuations and positive industry catalysts, investor interest in the Hong Kong tech sector is picking up. The popular Huatai-PineBridge Hang Seng Tech ETF (513130) recorded a single-day trading volume of 1.945 billion yuan on the previous trading day.

The continued evolution of AI remains a key pillar underpinning the growth of Hong Kong tech companies. Recently, the domestic AI industry has entered a concentrated technology update window. From August 26 to 28, several major domestic large language models, including GLM-5.3-Flash, Qwen3.8-Flash, and Hy4preview, were rolled out in succession, delivering comprehensive upgrades in multimodal interaction, office scenario adaptation, and long-text processing capabilities. According to OpenRouter statistics, in the week from August 31 to September 4, the weekly call volume of domestic AI large models reached 56.72 trillion tokens, marking the 19th consecutive week that China's AI model usage has surpassed that of the United States.

The continuous improvement in technological capabilities has also opened up significant opportunities for domestic large models to expand overseas, with the industry widely viewing 2026 as the pivotal year for large-scale internationalization of Chinese large models. Overseas institutions are increasingly recognizing the value of domestic AI models. An analyst at Goldman Sachs' Asia Internet research team noted that as AI agent applications accelerate, demand for cost-effective, lightweight open-source models will continue to surge, and domestic large models have enormous incremental growth potential in overseas markets. Domestic AI companies have already demonstrated the ability to build model products that rival top international standards with lightweight computing power, and several of their technical solutions have been referenced by overseas R&D teams.

Looking at the global market, earnings from overseas tech leaders may also confirm the strong momentum of AI infrastructure. Oracle's latest fiscal first-quarter results for fiscal 2027 and its forward guidance both exceeded market expectations, with AI cloud services emerging as the core growth driver. The company's cloud infrastructure revenue surged 121% year-over-year in the quarter, with the bulk of incremental core business coming from large-scale global AI cloud service orders in recent quarters. This directly reflects the rapid expansion cycle of global AI computing power and storage infrastructure demand, which could further provide positive catalysts for the Hong Kong tech AI industry chain.

The Huatai-PineBridge Hang Seng Tech ETF (513130), which supports same-day T+0 trading, closely tracks the Hang Seng Tech Index, one of the representative indices of the Hong Kong tech sector. The index brings together core technology companies including Chinese internet platforms, cloud computing providers, and AI technology firms, covering key segments of the industry chain from computing infrastructure and AI model capabilities to application scenarios and commercial monetization, positioning it to benefit deeply from the rapid development of large models.

In terms of holder structure, data from the 2026 interim fund report shows that the Huatai-PineBridge Hang Seng Tech ETF (513130) has 446,600 holder accounts. The number of holders is a key indicator of a product's market acceptance, and this figure underscores the recognition and strong approval the Huatai-PineBridge Hang Seng Tech ETF (513130) has earned among investors. The fund manager, Huatai-PineBridge Fund Management, is one of China's first ETF managers, with over 19 years of experience in index investing, providing investors with transparent, easily tradable, and low-cost index tools such as the Huatai-PineBridge CSI 300 ETF (510300) and the A500 ETF Huatai-PineBridge (563360). As of the end of June 2026, the company's ETFs have generated cumulative profits exceeding 180.6 billion yuan for holders over the past two years.

Note: The risk rating for the Huatai-PineBridge Hang Seng Tech ETF and its feeder fund is R4, with the risk rating of distribution channels prevailing. Different sales institutions may assign different risk ratings to the fund based on investor suitability regulations. When subscribing or redeeming shares of the ETF, the authorized participating dealers may charge commissions of up to 0.5% of the transaction amount, which includes fees charged by the stock exchange and registration institutions. Commissions for secondary market trading are determined by the investor's brokerage firm, with no stamp duty levied. The subscription fee schedule for the Huatai-PineBridge Southern Dongying Hang Seng Tech Index ETF Feeder Fund Class A (QDII) is as follows: 1.2% for subscriptions below 1 million yuan, 0.6% for subscriptions between 1 million and 2 million yuan (excluding 2 million), 0.4% for subscriptions between 2 million and 5 million yuan (excluding 5 million), and a flat fee of 1,000 yuan per transaction for subscriptions of 5 million yuan or more; Class C shares carry no subscription fee. Redemption fees for Class A and Class C shares are as follows: for holding periods of less than 7 days, both classes charge 1.5%; for holding periods from 7 days to less than 30 days, Class A charges 0.5% while Class C charges 0%; for holding periods of 30 days or more, both classes charge 0%. The sales service fee is 0% for Class A shares and 0.25% per year for Class C shares. These details are extracted from the fund's legal documents and are current as of September 10, 2026.

Risk disclosure: Funds involve risks, and investment should be undertaken with caution. If you wish to purchase fund products, please pay attention to investor suitability management regulations, complete risk assessments in advance, and purchase fund products that match your risk tolerance. Past performance of funds does not indicate future returns, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment involves investment risks; please carefully read the fund contract, fund prospectus, and product information summary and other legal documents to understand the specifics of the fund. The product may invest in overseas securities markets and, in addition to general investment risks similar to domestic securities investment funds, will also be exposed to special risks such as exchange rate risk and overseas securities market risk. The Hang Seng Tech Index is compiled and published by Hang Seng Indexes Company, which owns all rights to the index. Hang Seng Indexes Company will take all necessary measures to ensure the accuracy of the index but makes no warranty in this regard and shall not be liable for any errors in the index. Other indices are compiled and published by CSI Index Company, which owns all rights to them.