The total amount of repurchases in the Hong Kong stock market this year has exceeded HKD 20 billion, and the resilience of the Hong Kong stock technology ETF Invesco (513980) stands out against the market trend

As of March 13, 2026, 13:17, the CSI Hong Kong Stock Connect Technology Index (931573) fell by 0.29%. Among the constituent stocks, Leapmotor led with a rise of 2.50%, Kingsoft Cloud increased by 1.69%, and Kelun-B rose by 1.60%; Qutoutiao Group led the decline, with Ying'en Bio-B and Hua Hong Semiconductor following suit. The Hong Kong Stock Technology ETF Invesco (513980) rose by 0.31%. In terms of liquidity, the Hong Kong Stock Technology ETF Invesco had a turnover of 2.21% during the session, with a transaction volume of HKD 448 million. Recently, amidst adjustments in the Hong Kong stock market, some listed companies have shown a "buy more as prices fall" characteristic in their repurchase activities. Despite the fluctuations in the Hong Kong stock market this year, listed companies have maintained a high enthusiasm for share buybacks. According to Wind data, since 2026, the total amount of buybacks in the Hong Kong stock market has exceeded HKD 20 billion, involving over 130 listed companies. From the perspective of individual companies, the buyback amounts are still led by industry leaders. Among them, Tencent Holdings has a significantly higher buyback amount, with a cumulative buyback exceeding HKD 6 billion this year; Xiaomi Group has a cumulative buyback exceeding HKD 4 billion this year. Guotou Securities pointed out that for the current Hong Kong stock technology sector, it does not recognize the pricing situation where the cyclical manufacturing industry dominates technology, believing that "as long as the economy weakly recovers, TMT will not lose." More accurately, "the coexistence of old and new" is a more accurate and effective structural allocation background. Some market analysts believe that under the current wave of AI leading the technology cycle upward, the fundamentals of scarce Hong Kong stock technology assets are better. Looking ahead, with the Federal Reserve restarting interest rate cuts, southbound capital is expected to continue flowing in, and under the resonance of domestic and foreign capital and the continuous strengthening of the AI narrative, a reconstruction of Hong Kong stock technology valuations is anticipated. The Hong Kong Stock Technology ETF Invesco (513980) closely tracks the CSI Hong Kong Stock Connect Technology Index, selecting 50 large-cap, high R&D investment, and high revenue growth technology leading listed companies' securities as index samples from the Hong Kong Stock Connect range. The top ten weighted stocks are Alibaba-W, Tencent Holdings, Xiaomi Group-W, Meituan-W, BYD Company, SMIC, Kuaishou-W, WuXi Biologics, Innovent Biologics, and XPeng-W, with the top ten weighted stocks accounting for a total of 67.78%. As of the latest data, the top five Shenwan first-level industries in the index are Electronics (21.87%), Automotive (17.63%), Pharmaceuticals and Biotechnology (17.29%), Media (15.53%), and Retail (10.06%). (Data source: Wind, as of March 13, 2026) From a valuation perspective, the latest price-to-earnings ratio (PE-TTM) of the CSI Hong Kong Stock Connect Technology Index tracked by the Hong Kong Stock Technology ETF Invesco is only 22.52 times, which is at the 17.3% percentile over the past three years, indicating that the valuation is lower than over 82.7% of the time in the past three years, placing it at a historical low It is worth mentioning that the Invesco Great Wall CSI HK Equities Technology ETF Connect (A: 016495; C: 016496) has a management fee of 0.50% and a custody fee of 0.10%, which is below the average level of similar products, showing a clear cost advantage. Risk warning: The brands mentioned in this article are for illustrative purposes only and do not constitute a recommendation for specific companies or stocks. The market carries risks, and investment should be approached with caution!