Positive sentiment was fueled by the Q2 FY2026 (Q3 2025) earnings report of a leading internet company, released on November 25, 2025. The report showed group revenue of approximately RMB 247.8 billion, up 15% year-over-year (excluding divested businesses), surpassing market expectations. Notably, the "AI + Cloud" segment maintained robust growth, with Cloud Intelligence Group revenue reaching RMB 39.82 billion, a 34% YoY increase. AI-related product revenue extended its streak of triple-digit YoY growth to nine consecutive quarters, further validating AI's commercialization progress.
Buoyed by this news, Hong Kong's tech sector continued its recovery in early trading. The popular Hang Seng Tech ETF (513130), which provides exposure to Hong Kong tech assets, saw active trading, with turnover hitting RMB 2.673 billion by 11:30 AM. Exchange data revealed that as of November 25, 2025, the ETF's AUM reached RMB 43.592 billion, with outstanding shares at 58.892 billion—both setting new highs since its inception on May 24, 2021—highlighting its large scale and strong liquidity. (Source: Wind)
The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, a benchmark representing Hong Kong's tech sector. The index comprises 30 competitive Hong Kong-listed internet and blue-chip companies, offering diversified and balanced sector exposure. As of November 25, 2025, its top five constituents were Alibaba-W, Tencent Holdings, SMIC, Meituan-W, and NetEase-S. (Source: Hang Seng Indexes Company, Wind)
Recent market volatility in Hong Kong, attributed to "rate-cut divergence + AI bubble concerns" and year-end profit-taking, was deemed a temporary irrational panic by CMB International Securities. The firm noted that as external headwinds ease, sentiment is likely to recover. Their latest report argued that the AI sector lacks systemic bubbles, with speculation limited to certain concept stocks. It highlighted differences between Chinese and U.S. AI firms: Chinese/Hong Kong companies focus on "efficiency revolution" with small models and broad applications, requiring far lower capital expenditure than U.S. peers engaged in a "computing arms race." (Source: CMB International Securities report, November 24, 2025)
With growing expectations of Fed rate cuts, liquidity pressures on Hong Kong stocks may ease. Supported by strong earnings and AI development details, concerns over an AI bubble could diminish, keeping tech growth a key market theme. The Hang Seng Tech ETF (513130), a widely recognized tool for Hong Kong tech exposure, had over 220,000 holders as of its mid-2025 report. It offers advantages including size, liquidity, intraday T+0 trading, and a low 0.2% management fee. OTC investors may consider its feeder funds (Class A 015310, Class C 015311). (Fee data as of November 25, 2025)
Note: Intraday T+0 refers to exchange trading mechanisms.
Risk Disclosure: Investments involve risks. Investors should assess suitability based on personal risk tolerance and review fund documents—including prospectuses—for details. Past performance doesn’t guarantee future results. This fund invests in overseas markets, carrying additional risks like currency fluctuations. The Hang Seng Tech Index is compiled by Hang Seng Indexes Company, which disclaims liability for index accuracy.