I’ve been trying to find a clear throughline in the recent Hong Kong market. When you pull your gaze away from the high-flying tech giants and look at the broader market, you'll find a quiet restructuring taking place. This matters because understanding the dynamics of these seemingly marginal or traditional sectors often gives you more clues about the real flow of capital than simply watching the Hang Seng Index.

First, we are seeing underlying restlessness in the traditional infrastructure and resource sectors. I'm told that China National Building Material (3323.HK) has been making moves lately, not only completing the issuance of RMB 2 billion in sci-tech innovation corporate bonds in August 2026 but also preparing to transfer its entire stake in its graphite subsidiary. This kind of asset shuffling sends a signal: even legacy state-owned enterprises are accelerating the spin-off of non-core assets and embracing technological innovation. On the logistics and resources front, the executive reshuffle and capital increase moves at COSCO SHIPPING International (0517.HK), along with the silence of Kailuan Energy Chemical (2665.HK) amidst industry volatility, suggest that traditional cyclical stocks are going through a painful but necessary transition. The truth, as usual, is more complicated. MONGOL MINING (0975.HK) is a counterintuitive example: the Mongolian coking coal producer recorded total revenue of approximately USD 586 million in the first half of 2026, up 69% year-over-year, and successfully turned a profit, with its shares showing a significant rebound this year. Are traditional resource stocks really dead? The data clearly tells a different story.

And yet, the macroeconomic headwinds persist. Look at China Southern Airlines (1055.HK); affected by external factors like geopolitical tensions, its stock has pulled back recently, and it expects a loss of over RMB 3.4 billion for the first half of 2026. The road to recovery for the aviation industry is far more tortuous than anticipated. Good luck with that.

Meanwhile, the RMB counters in Hong Kong are quietly changing the liquidity landscape for consumer and tech giants. Trading in the RMB counters of Anta Sports (82020.HK) and Tencent Holdings (80700.HK) has become increasingly active. I'm told that Tencent has spent hundreds of millions of Hong Kong dollars buying back shares in August 2026, showing management's absolute confidence in their cash flow. Anta Sports, while solidifying its core brands and the Amer Sports portfolio, is also striving to adapt to the new market rhythm. Additionally, the capital consolidation behind comprehensive financial giants like China Ping An (2818.HK) is equally worth watching. This is not just a change in trading currency, but a microcosm of pricing power gradually shifting southward.

Finally, let's look at the new economy. The listing of REFIRE (2570.HK), a leading hydrogen technology company, on the main board marks a new period of capital competition in the new energy equipment track. Meanwhile, Nanfang Communication (1617.HK) issued a positive profit alert, expecting an interim net profit of over RMB 36 million for 2026. This shows that even in a seemingly mature market like optical fiber cables, companies can still achieve better-than-expected growth by optimizing their product lines.

My view is that whether it's the earnings turnaround of resource stocks, the growing pains of airlines, or the continuous penetration of tech and new energy, the Hong Kong market is undergoing a deep value reassessment. This isn't a simple, linear script of buy or sell. Whoops! That’s exactly what makes the market so fascinating.

This article does not constitute investment advice.