Tags

3 pages

Hang Seng TECH Index

Zhipu and MiniMax entering Hengke; rules and buying pressure are two completely different things.

After Zhipu and MiniMax were included in the Hang Seng Tech Index, the most common question that arises is: Since they have not yet reached their first lock-up period, are index funds compelled to buy shares?

This question cannot be answered directly based on emotion.

Inclusion in the index must first adhere to publicly disclosed methodologies. Delisting will affect future supply and stock price pressure, but it is not a hard threshold within the Hang Seng Tech Index methodology. Passive funds buy before and after the index takes effect because their goal is to track the index, not because the index company is arranging exits for existing shareholders.

Why didn't the Hang Seng Tech index hit new highs alongside A-shares?

Bottom line first.

As of May 20, 2026, the strength of A-shares and the weakness of Hang Seng Tech are not due to one asset pool having lagging components; rather, it is a divergence between two sets of pricing logics. On May 20, 2026, the Shanghai Composite Index closed at 4162.19 points, still fluctuating near 4200; meanwhile, on its most recently available closing date of May 19, 2026, the Hang Seng Tech Index closed at 4857.46 points, which is still short of the phase historical high point of 10945.22 recorded on February 17, 2021, by 55.6%.

If your statement that the “CSI 300 ETF has matched its historical peak” refers to the most common 510300, the closing price I captured on 2026-05-20 was 4.871. This still represents about a 16.1% drawdown from the 5.807 recorded on 2021-02-10, and has not reached an all-time high. It is highly likely that various calculation bases were mixed here: Price, Net Asset Value (NAV), Adjusted NAV, Total Return Index. They look like they are the same thing, but they actually are not.

Allow me to correct a name. The “China Golden Dragon Fish Index” you mentioned usually refers to the Nasdaq Gold Dragon China Index, whose English name is Nasdaq Golden Dragon China Index, not “Golden Dragon Fish.”

XiaoMi’s “New and Old Replacement” and defensive battle with the electric vehicle sector

Worrying Mindset: Holding onto stocks persistently, observing calmly like a Buddhist, and paying attention to the fulfillment of “ecosystem premium.”

I. Market Overview: From 2025’s “Mania” to 2026’s “Consolidation”

2025 was a strong year for the Hong Kong stock market, with the Hang Seng Tech Index rising by 23.45% throughout the year – its best performance since inception. However, as we entered January 2026, the market transitioned into a clear pattern of “two upward trends and one pullback.”