Amid the ongoing global evolution of the AI industry, Hong Kong's tech sector is experiencing a convergence of favorable internal and external factors. On one hand, the Federal Reserve's September rate decision, coupled with falling international oil prices, has alleviated some pressure on global inflation. On the other hand, as of September 20, China and the U.S. have initiated a new round of economic and trade consultations, while domestic AI technology iteration accelerates in tandem. With these positive internal and external drivers, the allocation value of Hong Kong tech assets is poised to attract market attention, and signs of capital flowing into related ETFs for positioning are becoming increasingly apparent.

Among these, the popular product Hang Seng Tech ETF HuaTai柏瑞 (513130) has seen sustained growth in trading activity, with Friday's single-day turnover reaching HK$2.208 billion, a 28% increase from the previous trading day. Looking at the full year, the product's average daily turnover has already hit HK$4.158 billion, showcasing notable liquidity advantages. (Data source: Wind, as of September 18, with the ETF's turnover on September 17 recorded at HK$1.728 billion.)

From an industrial perspective, domestic large-model technology iterations are delivering tangible results with accelerating performance upgrades. On September 18, a Hong Kong-listed large-model company officially launched GLM-5.3-FlashX, with its API fully opened for access. The new version achieves a maximum inference speed of 200 Tokens/s, a fivefold improvement over the existing GLM-5.3-Flash, with pricing adjusted to 2.5 times the original version. Previously, GLM-5.3-Flash was made available to global developers under the name 'OxAlpha,' with call volumes steadily climbing. This release of the faster, higher-priced FlashX version further strengthens its competitive edge in intelligence, pricing, and response speed, building on the model's existing capabilities. (Source: Shanghai Securities News, 'Global First Large-Model Stock, Upgraded,' as of September 18.)

As domestic large-model product capabilities improve, Chinese AI companies are accelerating their global expansion. On September 16, Singapore's SkillsFuture launched over 200 AI-related courses, with domestic offerings such as MiniMax Agent, Hailuo AI, and MiniMax Audio being selected for the Singtel AI Pass program, available to the local public as supporting tools. Earlier, on September 3, an AI agency under Saudi Arabia's PIF unveiled the Arabic large model HUMAINM3, built on the technical foundation of China's MiniMax M3 open-source flagship version, signaling that domestic foundational large-model technology is now deeply involved in building overseas local AI systems. (Source: Interface News, 'From Saudi Arabia to Singapore, Chinese Large Models in Global Demand,' as of September 18.)

The flourishing AI industry is also fueling robust capital-raising activity in Hong Kong's stock market. As of September 18, Hong Kong-listed companies have completed refinancing (excluding convertible bonds) through placements, consideration issues, and rights issues, totaling over HK$320 billion year-to-date, a surge of more than 40% year-on-year. In terms of financing structure, tech firms have emerged as key players in Hong Kong's refinancing market. Notably, a leading internet company announced the completion of a new share placement on August 24, raising HK$80 billion, marking the largest single refinancing deal this year. According to the company's public disclosures, all net proceeds from the placement will be channeled into full-stack AI technology R&D and computing infrastructure construction, bolstering its global competitiveness in the AI arena. (Data source: Wind.)

Reportedly, the Hang Seng Tech ETF HuaTai柏瑞 (513130), which supports on-exchange T+0 trading, closely tracks the Hang Seng Tech Index, one of the representative indices of Hong Kong's tech sector. It brings together core tech enterprises, including Chinese internet platforms, cloud computing service providers, and AI technology firms, covering key segments such as computing infrastructure, AI model capabilities, application scenarios, and commercial monetization, positioning it to benefit significantly from the rapid development dividends of large models. (Data source: Wind, Hang Seng Index Company, as of September 18; T+0 refers to exchange trading mechanism.)

In terms of holder structure, data from the 2026 interim fund report reveals that Hang Seng Tech ETF HuaTai柏瑞 (513130) has 446,600 holder accounts. This figure underscores the product's strong recognition and popularity among a broad base of investors. The ETF and its feeder funds (Class A 015310/Class C 015311) are managed by HuaTai柏瑞 Fund, one of China's first ETF managers with over 19 years of experience in index investing. They offer transparent, easily tradable, low-cost index tools such as CSI 300 ETF HuaTai柏瑞 (510300) and A500 ETF HuaTai柏瑞 (563360). As of the end of June 2026, the company's ETFs have cumulatively generated over RMB 180.6 billion in profits for holders over the past two years. (Profit data source: 'Current Period Profit' metric from fund periodic reports, covering July 1, 2024, to June 30, 2026, calculated by HuaTai柏瑞.)

Notes: The risk rating for Hang Seng Tech ETF HuaTai柏瑞 and its feeder funds is R4, while CSI 300 ETF HuaTai柏瑞 and A500 ETF HuaTai柏瑞 carry an R3 rating. The risk rating at distribution outlets prevails, and different sales institutions may assign varying risk ratings based on investor suitability regulations. When subscribing or redeeming fund shares of Hang Seng Tech ETF HuaTai柏瑞, CSI 300 ETF HuaTai柏瑞, or A500 ETF HuaTai柏瑞, authorized brokers may charge a commission of up to 0.5%, which includes fees levied by stock exchanges and registration institutions. These details are extracted from product legal documents as of September 18. Commissions for secondary market trading are subject to the standards set by the respective brokerage, with stamp duty exempted. The subscription fee rates for HuaTai柏瑞 South South East Hang Seng Tech Index Feeder Fund Class A (QDII) are: 1.2% for subscription amounts below RMB 1 million, 0.6% for amounts from RMB 1 million (inclusive) to RMB 2 million (exclusive), 0.4% for amounts from RMB 2 million (inclusive) to RMB 5 million (exclusive), and a flat fee of RMB 1,000 per transaction for amounts of RMB 5 million and above; Class C shares carry a 0% subscription fee. Redemption fee rates for Class A/C shares are: 1.5% for both classes for holding periods of less than 7 days; 0.5% for Class A and 0% for Class C for holding periods from 7 days (inclusive) to 30 days (exclusive); and 0% for both classes for holding periods equal to or exceeding 30 days. The sales service fee is 0% for Class A shares and 0.25% per annum for Class C shares. These details are extracted from product legal documents as of September 18.

Performance notes: Hang Seng Tech ETF HuaTai柏瑞 was established on May 24, 2021, with returns of -30.24% from inception to end-2021, and -21.43%, -8.89%, 21.13%, 18.98%, and -21.73% for 2022, 2023, 2024, 2025, and the first half of 2026, respectively. Its benchmark, the Hang Seng Tech Index Return (using valuation exchange rate conversion), saw corresponding changes of -30.25%, -20.46%, -7.51%, 21.29%, 20.41%, and -22.03% over the same periods. Fund managers include He Qi (May 24, 2021, to October 22, 2025) and Liu Jun (since May 24, 2021). HuaTai柏瑞 Hang Seng Tech Feeder (QDII) A/C, established on August 23, 2022, posted Class A returns of -8.92%, 21.76%, 16.82%, and -20.97% for 2023, 2024, 2025, and H1 2026, respectively, with Class C returns of -9.14%, 19.69%, 16.89%, and -21.09% over the same periods. The benchmark for A/C classes is 95% of the Hang Seng Tech Index Return (using valuation exchange rate conversion) plus 5% of the bank demand deposit rate (after tax), with corresponding changes of -6.91%, 20.45%, 19.67%, and -20.98%. Fund manager: Liu Jun (since August 23, 2022). These figures are sourced from fund periodic reports.

Risk warning: Funds carry risks, and investment requires caution. If you intend to purchase related fund products, please pay attention to investor suitability management regulations, complete a risk assessment in advance, and choose fund products matched to your own risk tolerance. Past performance does not indicate future returns, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Fund investment involves risks; please carefully read legal documents such as the fund contract, prospectus, and product summary to understand the specifics. This product can invest in overseas securities markets and, in addition to general investment risks like market volatility similar to domestic securities investment funds, will face special risks including exchange rate risks and overseas market risks. The Hang Seng Tech Index is compiled and published by Hang Seng Index Company, which owns its rights. Hang Seng Index Company will take all necessary measures to ensure the accuracy of the index but makes no guarantees and bears no liability for any errors in the index. Other indices are compiled and published by CSI Index Company, which holds their rights.