On February 12, Hong Kong stocks exhibited weak performance, with most leading internet companies experiencing pullbacks. At the time of writing, Bilibili-W fell over 4%, Meituan-W and Tencent Holdings declined more than 3%, with Tencent touching a near six-month low. Alibaba-W and Kuaishou-W dropped over 2%.
The core AI asset for Hong Kong stocks, the Hong Kong Internet ETF (513770), saw its on-market price decrease by 2.29%, falling below all its moving averages. Recently, funds have been flowing in densely; data from the Shanghai Stock Exchange shows the Hong Kong Internet ETF (513770) accumulated net fund inflows of 281 million yuan over the past 10 days.
Regarding this, China Merchants Securities believes the recent significant correction in Hong Kong tech stocks is essentially a "liquidity shock." The current position offers substantial allocation value, suggesting investors "buy on dips and hold positions through the holiday."
Everbright Securities also views the current Hong Kong tech sector as having entered a strategic allocation interval combining high win probability and high payoff potential. The triple-bottom characteristics of "oversold valuation洼地 + contrarian fund inflows + improving fundamental trends" are becoming increasingly clear. Short-term sentiment has been fully released, presenting a "golden window for medium-to-long-term strategic allocation."
Looking ahead, Feng Chencheng, Fund Manager of the Hong Kong Internet ETF (513770), stated that with AI large model "new force companies" like Zhipu and Minimax listing in Hong Kong, and a subsequent batch of AI-related emerging companies planning Hong Kong financing, the proportion of "AI tech companies" within the Hong Kong internet sector is destined to increase. The instrumental value of the Hong Kong Internet ETF (513770) as a core AI asset tool for Hong Kong stocks is expected to become more prominent.
Seize the 2026 AI Commercialization First Year, focus on core Hong Kong AI tools! The Hong Kong Internet ETF (513770) and its feeder funds (Class A: 017125; Class C: 017126) passively track the CSI Hong Kong Stock Connect Internet Index. Its top ten holdings aggregate tech giants like Alibaba-W, Tencent Holdings, Xiaomi Corporation-W, Kuaishou-W, Bilibili-W, and AI application companies across various sectors, with a combined weighting exceeding 76%, demonstrating significant leading advantages.
Interested in Hong Kong tech but hoping to reduce volatility? Also consider the market's first - the Hong Kong Large Cap 30 ETF (520560), which incorporates a "Tech + Dividend" barbell strategy. Its major holdings include high-volatility tech stocks like Alibaba and Tencent Holdings, while also encompassing stable high-dividend payers like China Construction Bank and Ping An Insurance, making it an ideal foundational holding tool for long-term Hong Kong market allocation.
Reminder: Recent market volatility may be significant; short-term gains or losses do not predict future performance. Investors must invest rationally based on their own capital situation and risk tolerance, paying high attention to position and risk management.
Data source: Shanghai and Shenzhen Stock Exchanges, etc. The CSI Hong Kong Stock Connect Internet Index's performance over the last five complete years is as follows: 2021: -36.61%; 2022: -23.01%; 2023: -24.74%; 2024: 23.04%; 2025: 27.02%. Index constituent stocks are adjusted according to the index compilation rules; its backtested historical performance does not indicate future index performance.
Institutional viewpoints sourced from relevant securities company research reports dated December 22, 2025, February 7, 2026, and February 9, 2026.
ETF fee-related note: When subscribing for or redeeming fund shares, subscription/redemption agents may charge a commission of up to 0.5%, which includes relevant fees charged by stock exchanges and registration institutions. Feeder fund fee-related note: For the HuaBao CSI Hong Kong Stock Connect Internet ETF Feeder Fund (Class A), the subscription fee (front-end load) is 1,000 RMB per transaction for amounts over 2 million RMB, 0.6% for amounts between 1 million RMB (inclusive) and 2 million RMB, and 1% for amounts below 1 million RMB. The redemption fee is 1.5% for holding periods under 7 days, and 0% for holding periods of 7 days or more; no sales service fee is charged. The HuaBao CSI Hong Kong Stock Connect Internet ETF Feeder Fund (Class C) charges no subscription fee. The redemption fee is 1.5% for holding periods under 7 days, and 0% for holding periods of 7 days or more; the sales service fee is 0.3%.
Risk提示: The Hong Kong Internet ETF passively tracks the CSI Hong Kong Stock Connect Internet Index. The index base date is December 30, 2016, and it was published on January 11, 2021. Index constituent stocks are adjusted according to the index compilation rules. The index constituents mentioned are for illustrative purposes only; descriptions of individual stocks do not constitute investment advice in any form nor represent the holdings or trading动向 of any fund managed by the manager. The fund manager assesses this fund's risk等级 as R4 - Medium-High Risk, suitable for Aggressive (C4) and above investors. Any information appearing herein is for reference only, and investors are solely responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice to readers, and no liability is accepted for any direct or indirect losses arising from the use of this content. The performance of other funds managed by the fund manager does not guarantee this fund's performance. Past fund performance does not indicate future results. Fund investment carries risks; invest cautiously.