Black Monday, funds massively buying Hong Kong stocks in hard tech! The market's only Hong Kong stock information technology ETF (159131) dropped over 5%, with 35 million shares subscribed intraday.

On the afternoon of the 23rd, A-shares and H-shares continued to decline, with the Shanghai Composite Index falling below 3,900 points and the Hang Seng Index dropping below 25,000 points. The only market-wide Hong Kong tech ETF (159131) weakened in the afternoon, now down 5.02%, hitting a new low since listing. “Bottom-fishing” funds continued to flow in, with intra-day subscriptions increasing to 35 million units and net subscriptions reaching 34 million units as of press time.

Within the sector, the top-weighted stock SMIC (Semiconductor Manufacturing International Corporation) fell by 6%, Huahong Semiconductor and Ubitus declined over 7%, Xiaomi Group and Lenovo Group dropped more than 4%.

Dongwu Securities issued a hot comment today: If oil prices remain high, it will further delay the Fed’s shift and increase global liquidity pressure, which will continue to suppress emerging risk assets like Hong Kong stocks. Overall, the valuation of the Hang Seng Tech Index has significantly retreated, but cautious positioning on the left side is recommended, and waiting for clearer catalysts is advised.

Huatai Securities believes that in the short term, the main contradictions are the risk of a sharp rise in oil prices due to overseas geopolitical conflicts and stagflation risks. It suggests increasing risk-averse positions. If macro beta causes a pullback in storage-related semiconductor hardware in the AI chain, it may be an opportunity to buy on dips.

Pointing directly to a super cycle in Hong Kong chip stocks! The Hong Kong chip industry chain ETF that allows T+0 trading—the only ETF focusing on the “Hong Kong chip” industry chain in the market (159131)—has a target index composed of “70% hardware + 30% software,” heavily weighted in Hong Kong-listed “semiconductors, electronics, and computer software.” It covers 45 Hong Kong tech companies, with SMIC weighting at 14.07%, Xiaomi Group-W at 12.41%, Huahong Semiconductor at 7.47%. Excluding large-cap internet giants like Alibaba, Tencent, and Meituan, it offers sharper focus and is more likely to capture the AI hardware tech rally in Hong Kong. (As of March 11, 2026)

Data source: China Securities Index Co., Ltd., Shanghai and Shenzhen Stock Exchanges.

Note: “The only in the market” refers to the only ETF tracking the CSI Hong Kong Stock Connect Information Technology Composite Index.

Fund fee disclosure: The Hong Kong tech ETF’s subscription and redemption agent may charge a commission of up to 0.5%. On-market trading fees are based on the actual charges of securities firms. No sales service fee is charged.

Risk warning: The Hong Kong Stock Connect Information Technology ETF passively tracks the CSI Hong Kong Stock Connect Information Technology Composite Index, which was launched on November 14, 2014, and published on June 23, 2017. The index components shown are for display purposes only; individual stock descriptions are not investment advice and do not represent holdings or trading trends of any fund managed by the fund manager. This product is issued and managed by Huabao Fund, with distribution handled by agents who do not assume investment, redemption, or risk management responsibilities. Investors should carefully read the fund contract, prospectus, and key information document to understand the fund’s risk-return profile and choose products suitable for their risk tolerance. Past performance does not predict future results; performance of other funds managed by the manager does not guarantee future performance. Investment in funds should be cautious! The fund manager assesses the risk level as R4—medium-high risk, suitable for active investors (C4) and above. Sales institutions (including the fund manager’s direct sales channels and other sales agents) will evaluate the fund’s risk according to relevant laws and regulations. Investors should pay attention to suitability opinions issued by sales agents and rely on their matching results. Different sales institutions may have varying suitability opinions, and the risk level assessments provided by sales agents should not be lower than those made by the fund manager. The fund contract may differ in risk-return characteristics and risk level assessments due to different considerations. Investors should understand the fund’s risk-return profile, consider their own investment goals, horizon, experience, and risk capacity, and choose products carefully, bearing the risks themselves. The China Securities Regulatory Commission’s registration of this fund does not imply any substantive judgment or guarantee of its investment value, market prospects, or returns. All investments carry risks; proceed with caution.

MACD golden cross signals have formed, and these stocks are showing good upward momentum!