The total amount of share repurchases in the Hong Kong stock market has exceeded HKD 20 billion this year. The Invesco Hong Kong Tech ETF (513980) has demonstrated strong resilience with a positive performance despite the market downturn.

As of March 13, 2026, 13:17, the CSI Hong Kong Stock Connect Technology Index (931573) decreased by 0.29%. In terms of constituent stocks, gains and losses were mixed, with Leapmotor leading the rise at 2.50%, Kingsoft Cloud up 1.69%, and Kelun Bota Bio-B up 1.60%; Quzhi Group led the decline, with InnoBio-B and Huahong Semiconductor following suit. The Invesco Hong Kong Tech ETF (513980) rose by 0.31%. Regarding liquidity, the Invesco Hong Kong Tech ETF had a turnover rate of 2.21% during the trading session, with a trading volume of 448 million yuan.

During the recent adjustment in the Hong Kong stock market, some listed companies have shown a “buy more as prices fall” behavior in their share repurchase activities. Despite the volatility and ups and downs in the Hong Kong market this year, listed companies have maintained a high enthusiasm for share buybacks. Wind data shows that since 2026, the total repurchase amount in the Hong Kong market has exceeded HKD 20 billion, involving over 130 listed companies. Among individual companies, industry leaders still dominate the repurchase amounts, with Tencent Holdings leading significantly, having repurchased over HKD 6 billion this year; Xiaomi Group’s cumulative buyback amount this year has exceeded HKD 4 billion.

Guotou Securities pointed out that the current Hong Kong tech industry does not recognize a one-sided advantage of cyclical manufacturing industries in setting prices, believing that “as long as the economy weakly recovers, TMT (Technology, Media, Telecom) will not lose.” More precisely, “the dance of the new and the old” is a more accurate and effective structural allocation theme. Market analysis suggests that under the current AI-driven tech cycle, Hong Kong tech assets with scarce resources have fundamentally better prospects. Looking ahead, with the Federal Reserve restarting rate cuts and southbound funds expected to continue flowing in, combined with internal and external capital resonance and the ongoing reinforcement of AI narratives, a valuation reconfiguration of Hong Kong tech stocks is anticipated.

The Invesco Hong Kong Tech ETF (513980), closely tracking the CSI Hong Kong Stock Connect Technology Index, selects 50 large-cap, R&D-intensive, and revenue-growth-oriented leading tech companies listed within the Stock Connect scope as index constituents. The top ten weights are Alibaba-W, Tencent Holdings, Xiaomi Group-W, Meituan-W, BYD Co., Ltd., Semiconductor Manufacturing International Corporation, Kuaishou-W, WuXi Biologics, Cinda Biologics, and Xpeng Motors-W, accounting for a total of 67.78%. As of the latest data, the top five sectors in the index are Electronics (21.87%), Automobiles (17.63%), Pharmaceuticals & Biotechnology (17.29%), Media (15.53%), and Commerce & Retail (10.06%). (Data source: Wind, as of March 13, 2026)

From a valuation perspective, the latest PE (TTM) of the CSI Hong Kong Stock Connect Technology Index tracked by the ETF is only 22.52 times, placing it in the 17.3th percentile over the past three years, meaning the valuation is below 82.7% of the past three years, at a historical low.

It is worth noting that the management fee for the Invesco Great Wall CSI Hong Kong Stock Connect Technology ETF (A: 016495; C: 016496) is 0.50%, with a custody fee of 0.10%, which is lower than the average for similar products, offering a clear cost advantage.

Risk reminder: The brands mentioned in this article are for illustrative purposes only and do not constitute recommendations for specific companies or stocks. The market carries risks; please invest cautiously!