Physix Frontier · News Briefing Card (TMTPost · Oct 5, 2026)

Hang Seng Tech Hits One-Year Low as A-Share Hard-Tech Firms Rush to Hong Kong

KEY FACTS

On October 2, the Nasdaq hit a record high, while the Hang Seng Tech Index fell to 4,111 points intraday, a one-year low.
The Hang Seng Tech Index closed down 2.26% that day, down nearly 40% from its high in October last year.
The Hong Kong Stock Exchange recently welcomed four new listings, three of which were secondary listings by A-share companies.
DapuStor plans a secondary listing in Hong Kong and aims to raise at least $1 billion.
The top three Hong Kong IPOs by fundraising in 2026 were all A-share hard-tech companies, raising a combined total of over HK$110 billion.

KEY DATA

2.26%Hang Seng Tech Index daily decline

nearly 40%Hang Seng Tech decline from October last year's high

at least $1 billionDapuStor's planned Hong Kong fundraising amount

over 70%2026 Hong Kong IPO below-issue rate

PHYSIX OBSERVATION

The collective move south by AI hardware companies is essentially a scramble for money as A-share refinancing windows tighten. But the Hong Kong secondary market has limited capacity to absorb it, and a 70% below-issue rate shows a severe divergence between a hot primary market and a weak secondary market. Listing only secures the money; whether capacity can be converted into profit is the real test.

Source: TMTPost report