--- title: "Hong Kong Stock Review: Seesaw" type: "News" locale: "en" url: "https://longbridge.com/en/news/277022538.md" description: "The Hong Kong Hang Seng Technology Index continues to decline, influenced by foreign capital allocation, while the Korean index hits a record high. Although the appreciation of the RMB has not boosted Hong Kong stocks, resource stocks and AI hardware have performed well, with power-related stocks rising. The suspension of lithium concentrate exports from Tianjin has raised market concerns, but domestic policies and overseas export prospects remain optimistic. The stock prices of the Korean semiconductor industry chain have reached new highs, with SK Hynix and Samsung starting mass production of HBM4, and ASMPT may receive more TCB equipment orders, which is expected to enhance performance in the future" datetime: "2026-02-26T10:27:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277022538.md) - [en](https://longbridge.com/en/news/277022538.md) - [zh-HK](https://longbridge.com/zh-HK/news/277022538.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/277022538.md) | [繁體中文](https://longbridge.com/zh-HK/news/277022538.md) # Hong Kong Stock Review: Seesaw The software sector in the US stock market has rebounded, but the Hang Seng Technology Index continues to decline. Meanwhile, the Korean index has reached a new historical high, likely due to the seesaw effect of foreign capital allocation in Asia. On the other hand, some Korean ETFs in the domestic market are also trading at a premium, with retail investors contributing to the momentum. Additionally, there was no support from northbound capital today, resulting in a net outflow. In terms of certainty, the Hang Seng Technology Index cannot compare to the two major memory giants in Korea, and its valuation is not low enough. Even with the continuous appreciation of the RMB, it cannot drive the performance of the Hong Kong stock market. However, the index is merely dragged down by the performance of tech giants, while resource stocks and AI hardware in the Hong Kong market are still performing well, especially in the power-related sector, which continued to rise today. This sector can avoid the impact of AI while benefiting from the development trend of AI, and the overseas power gap remains a major theme. Yesterday, Tianjin announced a sudden suspension of lithium concentrate exports, raising concerns in the market about the profit pressures on battery manufacturers and automakers. As mentioned earlier, global protectionism regarding resources is increasing, and the current market concerns about lithium are mainly related to the automotive sector. However, with the continuation of domestic policies, overseas exports, and the booming energy storage sector, there is no need to be overly pessimistic. Moreover, today in Korea, not only did the stocks of the two major semiconductor giants rise, but several other companies in the supply chain also reached historical highs, with Hanmi Semiconductor rising nearly 30%. Hanmi Semiconductor provides TCB equipment used for HBM mass production, and currently, SK Hynix and Samsung have started mass production of HBM4. If production increases in the second half of the year, revenue from TCB equipment can also begin to be confirmed. ASMPT in the Hong Kong market also provides TCB equipment. In the past, SK Hynix only procured TCB from Hanmi Semiconductor, but since the end of last year, it has placed small orders for TCB with another Korean company and ASMPT, likely due to considerations of yield and supply chain security. There are rumors that SK Hynix will conduct a large-scale procurement tender for about 100 sets in March, and ASMPT may secure more incremental orders. Of course, even if they secure 30 sets out of 100, the overall impact on the company's performance may not be significant, but it represents a breakthrough from zero. Additionally, ASMPT announced earlier this year that it is considering splitting or selling its other major business, SMT, which has a strong cyclical nature and is less related to semiconductors. 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