Victor Cheung
Greater China Equities Editor

Hong Kong equities, A-share dynamics, and the China economy. Ten years of financial media experience across Hong Kong and mainland China. Focuses on cross-border market dynamics.new

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Chinese mutual funds reduced Tencent holdings by RMB 18.5 billion in 2Q26, sending the stock down 6.75% as capital rotated into AI hardware names.

Tencent slides 6.75% as funds cut RMB 18.5 billion in holdings

**Key Takeaways:** - Chinese mutual funds cut Tencent holdings by nearly RMB 18.5 billion in 2Q26 - Tencent stock fell 6.75% to HKD 442.2 with HK$27.1 billion in turnover - Funds rotated into Zhongji Innolight, raising holdings by more than RMB 89 billion

Hong Kong-listed gold mining stocks rallied on July 22, 2026, with Chifeng Gold surging 15.20% to lead a sector-wide advance amid escalating US-Iran geopolitical tensions.

Hong Kong gold stocks surge 15% as geopolitical tensions fuel rally

Hong Kong gold mining stocks rallied sharply on July 22 as escalating US-Iran hostilities drove safe-haven demand. Chifeng Gold led the surge with a 15.20% gain, while three other gold miners posted double-digit advances.

Yuejiang Technology co-founder Song Tao filed a real-name whistleblower report alleging the company's A-share IPO prospectus conceals equity ownership disputes worth hundreds of millions of yuan.

Yuejiang Technology faces whistleblower report before $1.7b IPO review

**Key Takeaways:** - Co-founder Song Tao alleges Yuejiang's prospectus conceals equity disputes worth hundreds of millions - The whistleblower claims his 69.7% partnership stake was recorded as 22.5% in the filing - Shenzhen Stock Exchange is set to review Yuejiang's ChiNext IPO application on July 22

China's ChiNext index opened 2.48% lower and Shanghai Composite fell 1.09% as semiconductor stocks declined, while Hong Kong's Hang Seng Tech Index rose 0.15%.

ChiNext opens 2.48% lower as semiconductor selloff deepens

China's ChiNext index opened 2.48% lower on Wednesday, with the Shanghai Composite falling 1.09%, as semiconductor and computing hardware stocks extended their declines across more than 4,200 declining stocks. Hong Kong's Hang Seng Tech Index bucked the trend, opening 0.15% higher, as Alibaba and Bilibili gained while SMIC and Lenovo declined.

SK Hynix profit warning sends Hong Kong semiconductor stocks and leveraged ETFs plunging, with the HSI edging down at midday.

Hong Kong chip ETFs plunge 26% after SK Hynix warning

**Key Takeaways:** - HSI closed flat at 24,148 as semiconductor stocks led declines - SK Hynix slid 12% after broker forecast Q2 profit below consensus - XL2CSOPHYNIX leveraged ETF tumbled 26.55% in Hong Kong

HSI pares gains to 24,265 as A-shares turn lower and four recent Hong Kong IPOs slump sharply.

HSI pares gains to 24,265 as A-shares slide, IPOs plunge 33%

**Key Takeaways:** - HSI up 235 points to 24,265 after A-shares turned lower in afternoon trade. - QIYUNSHAN FOOD and DKE each plunged over 29% on their second trading day. - Shanghai Composite fell 0.7% to 4,007, dragging Hong Kong's benchmark lower.

Hong Kong stocks surged Friday as the Hang Seng Index jumped 2.38% to recapture 24,000 points, led by a tech and semiconductor rally after weak US jobs data reduced Fed rate hike expectations.

Hang Seng Index jumps 2.4% to recapture 24,000 as tech stocks rally

**Hong Kong stocks surged Friday, with the Hang Seng Index reclaiming the 24,000-point mark after a weaker-than-expected US jobs report dampened Federal Reserve rate hike expectations and triggered a broad regional tech rebound.

Southbound capital via Stock Connect recorded net purchases of HK$20 billion as of July 6, 2026, marking one of the largest single-day inflows on record.

Southbound flows hit HK$20 billion as mainland investors pile into HK stocks

**Key Takeaways:** - Southbound capital via Stock Connect recorded net purchases of HK$20 billion - The inflow marks one of the largest single-day southbound flows on record - Mainland investor confidence in Hong Kong equities drives the buying spree

China A-shares opened sharply lower on July 2 with Shanghai Composite down 1.42% and ChiNext down 2.94%, while Hong Kong stocks gained, as a semiconductor rout drove divergence between the two markets.

China A-shares slide 1.4% as semiconductor rout diverges from HK

**China's A-share market opened sharply lower while Hong Kong stocks gained, as a deepening semiconductor rout drove the widest divergence between the two markets in recent months.**

Southbound Stock Connect trading saw HKD 7.3 billion net outflow from the Tracker Fund on June 29, with Tencent, SMIC, and Hua Hong Grace receiving the largest net inflows.

Southbound trading sees HKD 7.3 billion Tracker Fund outflow

**Key Takeaways:** - Southbound Stock Connect saw HKD 7.3 billion net outflow from Tracker Fund - Tencent, SMIC, and Hua Hong Grace drew the largest net inflows - Total southbound turnover reached HKD 135.89 billion on June 29

Hong Kong's HSI fell 432 points to a one-year low and the HSCEI entered a bear market as tech stocks slumped and China retail sales contracted.

HSCEI enters bear market as HSI drops 432 points to 1-year low

**Hong Kong stocks extended their selloff to a fifth straight session, pushing the Hang Seng China Enterprises Index into a bear market as a rout in tech shares deepened.**

The HSCEI fell 2.3 percent to 7,732 on June 23, entering a bear market as weak consumption data and heavy selling in Tencent and Alibaba dragged the index lower.

HSCEI enters bear market, sliding 20% from October peak

**Key Takeaways:** - The HSCEI fell 2.3 percent to 7,732, entering a bear market from its October 2025 peak - Tencent and Alibaba led the decline with short selling exceeding HK$2.4 billion combined - The index ranks as the second-worst performer among 90-plus global indexes this year

US-listed Chinese concept stocks declined in pre-market trading on June 16, led by Bilibili and Baidu falling 3%, as China home prices fell at a faster pace.

Chinese ADRs slide 3% as property slump deepens selloff

**Key Takeaways:** - US-listed Chinese stocks fell in pre-market trading Tuesday - Bilibili and Baidu led declines, each dropping 3% - China home prices fell at a faster pace in May

China's first-tier city new home prices rose 0.2% month-on-month in May while third-tier cities fell 0.4%, deepening the housing market's bifurcation.

China first-tier home prices rise 0.2% as lower tiers weaken

**China's housing recovery remains confined to its wealthiest cities, with 16 of 70 tracked locations posting monthly price gains in May.**

East Money Securities chief strategist Chen Guo advises bullish positioning on A-shares after a roughly 300-point correction from 4,259, predicting upside outweighs downside over the next quarter.

Chen Guo urges A-share buying after 300-point pullback from 4,259

**East Money Securities' chief strategist calls the A-share index's retreat from 4,259 a buying opportunity, predicting upside will far exceed downside over the next quarter.**

Southbound Stock Connect flows show HKD5.6 billion net inflow to Tracker Fund on June 8, 2026.

Southbound flows pour HKD5.6B into Tracker Fund for HK exposure

**Key Takeaways:** - HKD5.6 billion in southbound net inflow to Tracker Fund on June 8 - Tencent received HKD1.2 billion; SMIC saw HKD925 million outflow - Total southbound trading volume reached HKD123.4 billion

The Hang Seng Index fell 1% on Thursday, led by financial stocks, after proposed rules threatened to restrict mainland Chinese funds in Hong Kong bank accounts.

HSI falls 1% on new rules for Chinese funds in Hong Kong

**The Hang Seng Index fell 1% on Thursday as financial stocks slumped on proposed rules restricting mainland Chinese funds in Hong Kong accounts.**

Chinese investors withdrew a record RMB25 billion from Hong Kong stock ETFs last week as capital rotated into mainland AI and semiconductor shares.

Chinese investors exit Hong Kong ETFs at record $3.7 billion weekly pace

**Key Takeaways:** - Mainland-listed HK stock ETFs saw a record RMB25 billion weekly outflow. - Goldman Sachs downgraded H-shares to market-weight, favoring A-shares. - Hong Kong equities have underperformed mainland markets for four straight months.

Tencent Holdings saw HKD2.1 billion in net southbound selling via Stock Connect on June 2 while its stock surged 10.5 percent.

Tencent draws HKD2.1B southbound outflow as stock jumps 10.5%

Tencent Holdings recorded HKD2.1 billion in net southbound selling via Stock Connect on June 2, the largest single-stock outflow of the session. The stock still rallied 10.5%, suggesting institutional buying from other channels offset mainland investor selling. Total southbound turnover reached HKD151.8 billion, with net flows settling at zero.

Mainland Chinese investors have poured over 10 billion yuan into Hang Seng Tech ETFs since early 2026, doubling holdings in multiple Hong Kong-listed technology stocks.

Southbound funds double HK tech holdings, drive 10 billion yuan inflows

**Key Takeaways:** - Southbound funds doubled holdings in multiple Hong Kong tech stocks since early 2026 - Hang Seng Tech ETFs recorded net inflows exceeding 10 billion yuan - Improving fundamentals, liquidity, and valuation discounts are driving the reallocation

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