{"id":107,"date":"2021-11-23T03:37:21","date_gmt":"2021-11-23T03:37:21","guid":{"rendered":"http:\/\/18.167.136.90\/pcmstaging\/?page_id=107"},"modified":"2026-09-08T07:47:56","modified_gmt":"2026-09-08T07:47:56","slug":"report-1","status":"publish","type":"page","link":"http:\/\/www.phillipfunds.com.hk\/en\/report-1\/","title":{"rendered":"Market Update"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"107\" class=\"elementor elementor-107\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-13552a39 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"13552a39\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-27751b5c\" data-id=\"27751b5c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ba793c9 elementor-widget elementor-widget-heading\" data-id=\"7ba793c9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">INSIGHTS &amp;<br> REPORTS<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-388e91b0 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"388e91b0\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-369a6dc8 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"369a6dc8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-196712a0\" data-id=\"196712a0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-478b1f9b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"478b1f9b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-20 elementor-inner-column elementor-element elementor-element-2ae6b427\" data-id=\"2ae6b427\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-110d6e1 elementor-widget elementor-widget-heading\" data-id=\"110d6e1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Market Update<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-20 elementor-inner-column elementor-element elementor-element-775c931e\" data-id=\"775c931e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-20 elementor-inner-column elementor-element elementor-element-7384a49b\" data-id=\"7384a49b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-20 elementor-inner-column elementor-element elementor-element-352fd621\" data-id=\"352fd621\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-20 elementor-inner-column elementor-element elementor-element-29e3fc68\" data-id=\"29e3fc68\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2d99c7c1 elementor-align-right elementor-widget elementor-widget-html\" data-id=\"2d99c7c1\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style> \ninput{\n  width: 300px;\n  height:48px;\n  padding: 12px 16px 12px 16px;\n  \/*margin: 0px 0px 0px 0px ;*\/\n  box-sizing: border-box;\n  align\n}\n\n.iconic {\n    font-family: FontAwesome;\n    font-style: normal;\n    font-weight: normal;\n    text-decoration: inherit;\n}\n<\/style>\n\n<form>\n\n  <input type=\"text\" id=\"fname\" name=\"fname\" class=\"input iconic\" placeholder=\"&#xF002;  Search\">\n \n<\/form>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ddae824 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ddae824\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4b2d1808\" data-id=\"4b2d1808\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-97570af elementor-widget elementor-widget-accordion\" data-id=\"97570af\" data-element_type=\"widget\" data-widget_type=\"accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-accordion\">\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1581\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-1581\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-chevron-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Market Spotlight <span class=\"tanggal\">Jul 2026<\/span><\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1581\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-1581\"><p><strong>The IPO market performance in July<\/strong><\/p><p>Compared with the 25 new stocks listed on HKEX in June, the number of new listings in July decreased, with 17 new stocks listing on the HKEX. As of July 31st, the price changes of the new listings this month generally showed a polarized trend. Among them, QIYUNSHAN FOOD (2797.HK) and ROKAE ROBOTICS (3752.HK) saw 850.0% and 49.7% rise in their share prices, respectively. Whereas TONGRENTANGCARE (2667.HK) and RIGOL (537.HK) saw a 49.6% and 48.5% decrease in their share prices, respectively, since listing.<\/p><p>\u00a0<\/p><p><strong>Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)<\/strong><\/p><p>The ETF aims to fully replicate the Solactive Hong Kong Newly Listed Equities Index, a rules-based equity benchmark designed to track the performance of securities that had a recent initial public offering or new listing on the main board of HKEX. The index is rebalanced quarterly, incorporating securities with IPOs or new listings within the last 756 business days, aiming for a total of 50 securities based on free-float market capitalization. The index also undergoes monthly IPO reviews to include recent IPOs, subject to liquidity and market capitalisation criteria.<\/p><p>\u00a0<\/p><p><strong>July <\/strong><strong>Monthly Review<\/strong><\/p><p>Solactive HK Newly listed Equities Index included DEEPZERO (2723.HK), LIULIUMEI (6658.HK), WENGE AI (1956.HK), SDMC (901.HK), VIEWTRIX TECH (3310.HK), and LINGYI ITECH (1688.HK) in July through the fast-track mechanism. It also removed INNOSCIENCE (2577.HK). The current number of constituent stocks has increased from 50 to 55.<\/p><p>DEEPZERO (2723.HK) is among the first companies in China to apply AI technologies to enterprise digital transformation in marketing and sales. Combining AI algorithms, industry expertise, and multimodal data, the company empowers enterprises to make intelligent and automated decisions across marketing and sales. Its products and services help enterprises drive sharper, faster, and more scalable decision-making outcomes. During the Track Record Period, we delivered intelligent advertising services and intelligent data management through our two flagship platforms, AlphaDesk and AlphaData, respectively.<\/p><p>As of December 31st, 2025, the company&#8217;s revenue was 576.6 million yuan (RMB, the same below), a year-on-year increase of 7.2%. Gross profit was 147.2 million, remaining relatively stable; the gross profit margin decreased to 25.5% from 27.3% in the same period of last year. The profit attributable to the company&#8217;s equity holders was 9.1 million, decreased by 58.6% YoY, mainly due to listing expenses of RMB 15.7 million incurred in 2025 related to the global offering. The company&#8217;s revenue increased but gross margin decreased, mainly due to the growth in smart advertising services offered by the company. However, changes in the customer structure led to higher media resource acquisition costs, which in turn put downward pressure on the gross margin of this business line.<\/p><p>\u00a0<\/p><p><strong>Top 10 Holdings<\/strong><\/p><p>This month, the Phillip Hong Kong Newly Listed Equities Index ETF&#8217;s top ten holdings changed. GIGADEVICE (3986.HK), VGT (2476.HK), and MONTAGE TECH (6809.HK) fell out of the top ten holdings due to price drop, INNOSCIENCE (2577.HK) was removed from the holding after rebalancing, while SKB BIO (6990.HK), BUSYMING (1768.HK), UBTECH ROBOTICS (9880.HK), and INSILICO (3696.HK) became the new top ten holdings. The following industries are currently the focus of the index: information technology (including HORIZONROBOT-W, BIREN TECH, and MINIMAX-W), industrials (including CATL, J&amp;T EXPRESS-W, and UBTECH ROBOTICS), and health care (including SKB BIO, INSILICO, and WUXI XDC). The following figures show the top 10 holdings and sector breakdown of the Phillip HK Newly Listed Equities Index:<\/p><p><strong> <img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-8014\" src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72471.png\" alt=\"\" width=\"554\" height=\"247\" srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72471.png 554w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72471-300x134.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72471-18x8.png 18w\" sizes=\"(max-width: 554px) 100vw, 554px\" \/>\u00a0 \u00a0 <img decoding=\"async\" class=\"alignnone wp-image-8015 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72472.png\" alt=\"\" width=\"508\" height=\"335\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72472.png 1906w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72472-300x198.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72472-1024x674.png 1024w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72472-768x506.png 768w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72472-1536x1011.png 1536w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72472-18x12.png 18w\" data-sizes=\"(max-width: 508px) 100vw, 508px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 508px; --smush-placeholder-aspect-ratio: 508\/335;\" \/><\/strong><\/p><p><strong>\u00a0<\/strong><strong>\u00a0<\/strong><\/p><p><strong>Key Components Update<\/strong><\/p><ul><li>CATL (3750.HK): CATL released its 2026 interim report, reporting revenue of 276.92 billion yuan (RMB, the same below) in the first half of the year, a year-on-year increase of 54.80%; net profit attributable to shareholders of the parent company of 43.28 billion yuan, a year-on-year increase of 41.98%; and net profit excluding non-recurring items of 39.01 billion yuan, a year-on-year increase of 43.44%. Specifically, in 2026 Q2, revenue reached 147.79 billion yuan, a year-on-year increase of 56.92%; net profit attributable to shareholders of the parent company was 22.55 billion yuan, a year-on-year increase of 36.46%; and net profit excluding non-recurring items was 20.92 billion yuan, a year-on-year increase of 36.13%. In the first half of 2026, the company&#8217;s overall gross profit margin was 23.9%, a year-on-year decrease of 1.1%.<\/li><li>MIDEA GROUP (300.HK): Midea Group held a special meeting on smart home interconnection interface requirements. Representatives from authoritative institutions such as the China Academy of Building Research (CABR), the China Academy of Information and Communications Technology (CAICT), and the China Electronics Technology Group Corporation (CETC) and numerous enterprises gathered to discuss core technology solutions. This conference focused on core technologies for local area network (LAN) interconnection and reached several consensuses on interface technology frameworks, providing a clear path for the technological development of smart home products. Zhong Zheng, Vice President and Chief Financial Officer of Midea Group, called for accelerating the establishment of a unified and mandatory national standard for smart home interconnection and interoperability. Zhong Zheng suggested accelerating the promulgation of mandatory national standards, clarifying core technical specifications, and outlining a timetable for standard implementation.<\/li><li>J&amp;T EXPRESS-W (1519.HK): J&amp;T Express&#8217;s 2026 Q2 operating data shows that the group&#8217;s parcel volume reached 9.177 billion pieces, a year-on-year increase of 24.2%. By region, Southeast Asia parcel volume was 2.755 billion pieces, a year-on-year increase of 63.2%; other markets parcel volume was 211 million pieces, a year-on-year increase of 136.5%; and China parcel volume was 6.211 billion pieces, a year-on-year increase of 10.6%. J&amp;T Express, as a &#8220;globalized growth-oriented logistics target,&#8221; possesses certain scarcity. The company is currently evaluating entering other Latin American countries such as Colombia and Europe, favouring a light-asset model.<\/li><li>HORIZONROBOT-W (9660.HK): Horizon Robotics recently announced that it expects revenue from continuing operations to reach 1.93 billion yuan (RMB, the same below) to 2.08 billion yuan in the first half of 2026, representing a year-on-year increase of 24.8% &#8211; 34.5%. The upper limit of revenue growth guidance is higher than the market&#8217;s general expectation of approximately 25% &#8211; 30%, exceeding overall market expectations. The company expects gross profit from continuing operations to reach 1.16 billion yuan to 1.37 billion yuan in the first half of the year, corresponding to a gross profit margin of approximately 60% to 66%. The company expects net profit for the period to be 3.5 billion yuan to 4 billion yuan, mainly due to changes in the fair value of convertible borrowings issued to CARIAD caused by fluctuations in the Group&#8217;s share price.<\/li><li>BIREN TECH (6082.HK): The 2026 World Artificial Intelligence Conference opened in Shanghai with the theme &#8220;Intelligent Partners, Creating the Future,&#8221; focusing on core tracks such as AI computing and embodied intelligence. Domestic AI chip manufacturers showcased supernode solutions at WAIC, indicating that the industry has clearly entered the large-scale scale-up stage. Biren Technology launched a supernode solution based on next-generation NPO optical interconnect and distributed decoupled architecture, equipped with Chiplet architecture BR2xx series chips, and achieving a maximum expansion of 1024 cards per supernode through its self-developed Blink 2.0 protocol. The company, in collaboration with Xizhi Technology, released the LightSphere X supernode solution based on optical interconnect and distributed optical switching technologies, and clusters have already been deployed on national-level computing platforms.<\/li><\/ul><p><strong>\u00a0<\/strong><\/p><p><strong>Top constituent movers in July:<\/strong><\/p><p><strong> <img decoding=\"async\" class=\"alignnone size-full wp-image-8012 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72475.png\" alt=\"\" width=\"542\" height=\"153\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72475.png 542w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72475-300x85.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72475-18x5.png 18w\" data-sizes=\"(max-width: 542px) 100vw, 542px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 542px; --smush-placeholder-aspect-ratio: 542\/153;\" \/><\/strong><\/p><p>\u00a0<\/p><p><strong>Bottom constituent movers in July:<\/strong><\/p><p><strong> <img decoding=\"async\" class=\"alignnone size-full wp-image-8013 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72476.png\" alt=\"\" width=\"542\" height=\"150\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72476.png 542w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72476-300x83.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72476-18x5.png 18w\" data-sizes=\"(max-width: 542px) 100vw, 542px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 542px; --smush-placeholder-aspect-ratio: 542\/150;\" \/><\/strong><\/p><p><strong>\u00a0<\/strong><\/p><p><strong>The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for July<\/strong><\/p><p>The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 14.12% monthly decrease in July, underperforming the Hang Seng Index\u2019s (HSI) 13.13% monthly increase and the Hang Seng Tech Index\u2019s (HSTI) 7.98% monthly increase. As of July 31st, this ETF had fallen 13.21% since its listing, underperforming the HSI\u2019s rose of 43.86% and the HSTI\u2019s rose of 29.03%.<\/p><p><img decoding=\"async\" class=\"alignnone wp-image-8010 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72473.png\" alt=\"\" width=\"688\" height=\"320\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72473.png 1906w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72473-300x140.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72473-1024x477.png 1024w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72473-768x357.png 768w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72473-1536x715.png 1536w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72473-18x8.png 18w\" data-sizes=\"(max-width: 688px) 100vw, 688px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 688px; --smush-placeholder-aspect-ratio: 688\/320;\" \/><\/p><p>The following table compares the performance of the Phillip Hong Kong IPO Index ETF (2835.HK), the Hang Seng Index (HSI), and the Hang Seng Tech Index (HSTECH):<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-8011 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72474.png\" alt=\"\" width=\"361\" height=\"127\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72474.png 361w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72474-300x106.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/09\/\u5716\u72474-18x6.png 18w\" data-sizes=\"(max-width: 361px) 100vw, 361px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 361px; --smush-placeholder-aspect-ratio: 361\/127;\" \/><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1582\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-1582\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-chevron-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Market Spotlight <span class=\"tanggal\">Jun 2026<\/span><\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1582\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-1582\"><p><strong>The IPO market performance in June<\/strong><\/p><p>Compared with the 13 new stocks listed on HKEX in May, the number of new listings rose significantly in June to 25 new stocks listed on HKEX. As of June 30th, the price changes of the new listings this month generally showed an upward trend. Among them, BAIGE DIGITAL (2672.HK) and LIULIUMEI (6658.HK) saw 380.8% and 290.1% rise in share prices, respectively. Whereas HJ SCIENCE-B (6132.HK) and LUNG FUNG GROUP (2290.HK) saw a 56.1% and 51.4% decrease in share price since listing, respectively.<\/p><p><strong>Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)<\/strong><\/p><p>The ETF aims to fully replicate the Solactive Hong Kong Newly Listed Equities Index, a rules-based equity benchmark designed to track the performance of securities that had a recent initial public offering or new listing on the main board of HKEX. The index is rebalanced quarterly, incorporating securities with IPOs or new listings within the last 756 business days, aiming for a total of 50 securities based on free-float market capitalization. The index also undergoes monthly IPO reviews to include recent IPOs, subject to liquidity and market capitalisation criteria.<\/p><p><strong>June <\/strong><strong>Monthly Review<\/strong><\/p><p>Solactive HK Newly listed Equities Index included XIZHI TECH-P (1879.HK), SIGENERGY (6656.HK), SUNMI TECH-W (6810.HK), CIG (6166.HK), YUNJI (2670.HK), EASY SMART GP (2442.HK), HANS CNC (3200.HK), LENS (6613.HK), METIS TECHBIO-P (7666.HK), LEADS BIOLABS-B (9887.HK), and MANYCORE TECH (68.HK) in June through the quarterly rebalancing mechanism. It also removed WERIDE-W (800.HK), EXTREME VISION (6636.HK), DELTON (1989.HK), ONEROBOTICS (6600.HK), FOURSEMI (3625.HK), AXERA (600.HK), EASTROC (9980.HK), EPIWORLD (2726.HK), CHIFENG GOLD (6693.HK), DEEPEXI TECH (1384.HK), GALAXIS TECH (2729.HK), TRANSTHERA-B (2617.HK), DOBOT (2432.HK), PEGBIO CO-B (2565.HK), and 160 HEALTH (2656.HK). The current number of constituent stocks has decreased from 54 to 50.<\/p><p>Xizhi Technology (1879.HK) is dedicated to the field of optoelectronic computing and is the first company globally to achieve mass deployment of optoelectronic computing. Since its establishment, the company has built a product and solution portfolio centred on optical interconnect and optical computing, powered by its proprietary optoelectronic chip technologies, delivering scalable and cost-effective solutions. Xizhi Technology\u2019s technologies offer low latency, high throughput, and low power consumption, with the aim of improving computing performance and advancing the next wave of innovation.<\/p><p>As of December 31st, 2025, the company&#8217;s revenue was 106.4 million yuan (RMB, the same below), a year-on-year increase of 76.7%. Gross profit was 41.5 million, an increase of 28.9% YoY; the gross profit margin decreased to 53.5% from 39.0% in the same period of last year. The loss attributable to the company&#8217;s equity holders was 1,342.4 million, rising by 82.6% YoY. The company&#8217;s net loss increased primarily due to a further increase in the fair value changes of financial instruments issued to investors, as well as increases in R&amp;D expenses, selling and marketing expenses, general and administrative expenses and share-based payment expenses in line with the expansion of its business and continued investment in commercialization and corporate development.<\/p><p><strong>Top 10 Holdings<\/strong><\/p><p>This month, the Phillip Hong Kong Newly Listed Equities Index ETF&#8217;s top ten holdings changed. XUNCE (3317.HK), LAOPU GOLD (6181.HK), and UBTECH ROBOTICS (9880.HK) fell out of the top ten holdings due to not holding after rebalancing, while GIGADEVICE (3986.HK), INNOSCIENCE (2577.HK), and MONTAGE TECH (6809.HK) became the new top ten holdings. The following industries are currently the focus of the index: information technology (including BIREN TECH, MINIMAX-WP, and GIGADEVICE), industrials (including CATL, J&amp;T EXPRESS-W, and UBTECH ROBOTICS), and health care (including SKB BIO, WUXI XDC, and XTALPI). The following figures show the top 10 holdings and sector breakdown of the Phillip HK Newly Listed Equities Index:<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7955 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72471.png\" alt=\"\" width=\"554\" height=\"247\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72471.png 554w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72471-300x134.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72471-18x8.png 18w\" data-sizes=\"(max-width: 554px) 100vw, 554px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 554px; --smush-placeholder-aspect-ratio: 554\/247;\" \/>\u00a0 \u00a0<img decoding=\"async\" class=\"alignnone wp-image-7956 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72472.png\" alt=\"\" width=\"487\" height=\"320\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72472.png 1906w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72472-300x198.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72472-1024x674.png 1024w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72472-768x506.png 768w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72472-1536x1011.png 1536w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72472-18x12.png 18w\" data-sizes=\"(max-width: 487px) 100vw, 487px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 487px; --smush-placeholder-aspect-ratio: 487\/320;\" \/><\/p><p><strong>\u00a0<\/strong><strong>Key Components Update<\/strong><\/p><ul><li>CATL (3750.HK): Recently, CATL and China Energy Conservation and Environmental Protection Group (CECEP) signed a strategic cooperation agreement to deepen their collaboration. The company will leverage its expertise in new energy materials R&amp;D to work with CECEP to promote the industrial-scale production of new perovskite photovoltaic technology and make early arrangements for efficient and clean energy. CATL will also provide advanced energy storage and photovoltaic technologies to help large-scale energy storage projects reduce costs and increase efficiency, creating replicable benchmark projects for the green industry. Both parties will focus on in-depth cooperation in key areas such as next-generation photovoltaic technology, sodium-ion energy storage system applications, the construction of zero-carbon scenarios across all domains, and overseas green mine development, accelerating the industrialization of cutting-edge technologies.<\/li><li>BIREN TECH (6082.HK): On June 16th, Zhipu officially open-sourced its next-generation flagship model, GLM-5.2. Based on the vLLM framework, Biren Technology&#8217;s BR166 series successfully completed &#8216;Day 0&#8217; adaptation and tuning, achieving out-of-the-box readiness on the very day of the model&#8217;s release. To date, Biren Technology has successfully supported &#8220;Day 0&#8221; level adaptation for several leading large models, including Zhipu GLM, StepFun Step, DeepSeek-V, Tencent Hunyuan, Moonshot AI&#8217;s Kimi, and Alibaba&#8217;s Qwen, continuously validating the maturity of its software ecosystem.<\/li><li>J&amp;T EXPRESS-W (1519.HK): Since the beginning of the year, several safety incidents and potential production safety hazards have been repeatedly found at businesses using the trademark, trade name, and waybills of J&amp;T Express during inspections. The company has shown a deficiency in work safety management over its related enterprises and failed to implement unified safety assurance management as required, leading the State Post Bureau to initiate an investigation into the company in accordance with the law. J&amp;T Express China responded that it is simultaneously conducting an internal investigation and is fully cooperating with the State Post Bureau&#8217;s work in accordance with applicable laws and regulations.<\/li><li>MINIMAX-WP (100.HK): While releasing the new model M3, MiniMax reduced its free usage quotas, adjusted API pricing, and lowered interface service standards without warning in advance, leading to increased usage costs and more restrictions for long-term developers. The relevant changes sparked intense discussion across major technology communities, with numerous developers filing complaints about a disguised price increase. Many developers have chosen to migrate their businesses to competing products, causing significant fluctuations in the company&#8217;s user reputation and stock price. Meanwhile, MiniMax will see its first batch of shares released from lock-up on July 9th. Currently, its two largest investors and strategic shareholders, Alibaba and MiHoYo, have explicitly stated their long-term optimism about the company&#8217;s prospects and their continued commitment to supporting its growth.<\/li><li>MIDEA GROUP (300.HK): European architectural design has long focused on winter insulation, which has become a trap for heat storage and circulation under sustained high temperatures. Historical preservation regulations strictly limit facade alterations, and high electricity prices and other operating costs also deter potential buyers. Past mild summers had solidified the practice of not installing air conditioning in European building codes and social consensus, resulting in an air conditioning penetration rate of only about 20% in European households. This time, Europe is experiencing its worst heatwave on record, triggering an air conditioning buying frenzy, with Asian home appliance giants reaping substantial climate benefits. Among them, Midea&#8217;s PortaSplit portable split air conditioner, designed specifically for Europe, has broken through the barriers of the European refrigeration market with its installation-free design that precisely avoids stringent regulations. It has sold out in many countries, and the resale price has reached 2-3 times the original price.<\/li><\/ul><p><strong>\u00a0<\/strong><\/p><p><strong>Top constituent movers in June:<\/strong><\/p><p><strong><img decoding=\"async\" class=\"alignnone size-full wp-image-7959 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72475.png\" alt=\"\" width=\"542\" height=\"152\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72475.png 542w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72475-300x84.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72475-18x5.png 18w\" data-sizes=\"(max-width: 542px) 100vw, 542px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 542px; --smush-placeholder-aspect-ratio: 542\/152;\" \/><\/strong><\/p><p><strong>Bottom constituent movers in June:<\/strong><\/p><p><strong><img decoding=\"async\" class=\"alignnone size-full wp-image-7960 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72476.png\" alt=\"\" width=\"542\" height=\"151\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72476.png 542w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72476-300x84.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72476-18x5.png 18w\" data-sizes=\"(max-width: 542px) 100vw, 542px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 542px; --smush-placeholder-aspect-ratio: 542\/151;\" \/><\/strong><\/p><p><strong>The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for June<\/strong><\/p><p>The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 13.24% monthly decrease in June, underperforming the Hang Seng Index\u2019s (HSI) 9.14% monthly decrease and the Hang Seng Tech Index\u2019s (HSTI) 8.44% monthly decrease. As of June 30th, this ETF had grown 1.07% since its listing, underperforming the HSI\u2019s rose of 27.17% and the HSTI\u2019s rose of 19.49%.<\/p><p><img decoding=\"async\" class=\"alignnone wp-image-7957 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72473.png\" alt=\"\" width=\"793\" height=\"369\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72473.png 1906w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72473-300x140.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72473-1024x477.png 1024w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72473-768x357.png 768w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72473-1536x715.png 1536w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72473-18x8.png 18w\" data-sizes=\"(max-width: 793px) 100vw, 793px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 793px; --smush-placeholder-aspect-ratio: 793\/369;\" \/><\/p><p>The following table compares the performance of the Phillip Hong Kong IPO Index ETF (2835.HK), the Hang Seng Index (HSI), and the Hang Seng Tech Index (HSTECH):<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7958 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72474.png\" alt=\"\" width=\"361\" height=\"133\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72474.png 361w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72474-300x111.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/08\/\u5716\u72474-18x7.png 18w\" data-sizes=\"(max-width: 361px) 100vw, 361px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 361px; --smush-placeholder-aspect-ratio: 361\/133;\" \/><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1583\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-1583\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-chevron-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Market Spotlight <span class=\"tanggal\">May 2026<\/span><\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1583\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-1583\"><p><strong>The IPO market performance in May<\/strong><\/p><p>Compared with the 9 new stocks listed on HKEX in March, the number of new listings rose slightly in May to 13 new stocks listed on HKEX. As of May 29th, the overall performance of the IPO market was generally showing a growing upward trend. Among them, both DEEPZERO (2723.HK) and TENNOR THERAP-B (6872.HK) saw a 701.8% and 169.0% increase in share prices, whereas only COFOE MEDICAL (1187.HK) saw a 27.0% decrease in share price since listing.<\/p><p><strong>Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)<\/strong><\/p><p>The ETF aims to fully replicate the Solactive Hong Kong Newly Listed Equities Index, a rules-based equity benchmark designed to track the performance of securities that had a recent initial public offering or new listing on the main board of HKEX. The index is rebalanced quarterly, incorporating securities with IPOs or new listings within the last 756 business days, aiming for a total of 50 securities based on free-float market capitalization. The index also undergoes monthly IPO reviews to include recent IPOs, subject to liquidity and market capitalisation criteria.<\/p><p><strong>May <\/strong><strong>Monthly Review<\/strong><\/p><p>Solactive HK Newly Listed Equities Index included VGT (2476.HK), EXTREME VISION (6636.HK), DELTON (1989.HK), FOURSEMI (3625.HK), and EPIWORLD (2726.HK) in May through the fast-track mechanism. It also removed NEW VISION CO (2632.HK), FWD (1828.HK), and JIAXIN INTL RES (3858.HK). The current number of constituent stocks has increased from 52 to 54.<\/p><p>VGT (2476.HK) is one of the key players in advanced PCB products for AI and high-performance computing, specializing in research and development, manufacturing and sales of high-build-up HDIs and high-layer-count MLPCBs. With leading technology, high-quality products and strong production capabilities, the company offers a full range of products for various applications and has become an important partner of many of the world&#8217;s leading technology companies. The company has expanded its presence in key sectors, including AI and high-performance computing, smart devices, automotive electronics, telecommunications, and medical devices, with a focus on technologies supporting AI computing. According to data, the company ranked first globally in terms of sales revenue in the PCB market in the field of AI and high-performance computing in the first half of 2025 with a market share of 13.8%.<\/p><p>As of December 31st, 2025, the company&#8217;s revenue was 19,292.3 million yuan (RMB, the same below), a year-on-year increase of 79.8%. Gross profit was 6,795.4 million, a significant increase of 178.6% YoY; the gross profit margin increased to 35.2% from 22.7% in the same period of 2024. The profit attributable to the company&#8217;s equity holders was 4,312.0 million, rising dramatically by 273.5% YoY. The company&#8217;s revenue increase was primarily driven by strong demand for AI computing-related applications, with revenue growth across all product categories. In particular, the rapid development of AI-related applications has fuelled continued growth in demand for high-performance PCB products.<\/p><p><strong>Top 10 Holdings<\/strong><\/p><p>This month, the Phillip Hong Kong Newly Listed Equities Index ETF&#8217;s top ten holdings changed. BUSYMING (1768.HK) and INSILICO (3696.HK) fell out of the top ten holdings due to the price drop, while VGT (2476.HK) and UBTECH ROBOTICS (9880.HK) became the new top ten holdings. The following industries are currently the focus of the index: information technology (including MINIMAX-WP, BIREN TECH, and HORIZONROBOT-W), industrials (including CATL, J&amp;T EXPRESS-W, and UBTECH ROBOTICS), and consumer discretionary (including MIDEA GROUP, LAOPU GOLD, and HESAI-W). The following figures show the top 10 holdings and sector breakdown of the Phillip HK Newly Listed Equities Index:<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7887 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72477.png\" alt=\"\" width=\"554\" height=\"247\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72477.png 554w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72477-300x134.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72477-18x8.png 18w\" data-sizes=\"(max-width: 554px) 100vw, 554px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 554px; --smush-placeholder-aspect-ratio: 554\/247;\" \/>\u00a0 \u00a0<img decoding=\"async\" class=\"alignnone wp-image-7888 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72478.png\" alt=\"\" width=\"480\" height=\"316\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72478.png 1906w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72478-300x198.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72478-1024x674.png 1024w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72478-768x506.png 768w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72478-1536x1011.png 1536w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72478-18x12.png 18w\" data-sizes=\"(max-width: 480px) 100vw, 480px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 480px; --smush-placeholder-aspect-ratio: 480\/316;\" \/><\/p><p><strong>\u00a0<\/strong><\/p><p><strong>Key Components Update<\/strong><\/p><ul><li>CATL (3750.HK): Since 2026, CATL has been continuously improving its new energy and intelligent technology industrial chain, accelerating its capital layout, and expanding its investment portfolio to cover multiple core areas such as intelligent commercial vehicles, vehicle manufacturing, data centres, and AI computing infrastructure. In April, CATL invested RMB 4.1 billion to acquire a 49% stake in Zhongheng Technology, entering the data centre power supply sector; its wholly owned subsidiary, Wending Investment, invested RMB 984 million to acquire a 9.89% stake in Landian Automobile, further strengthening its position in the vehicle manufacturing sector. In May, a CATL-affiliated fund invested RMB 6.4 billion to acquire a 38.1% stake in VNET Group, becoming its largest shareholder and officially entering the AI \u200b\u200bcomputing infrastructure market. In addition, Wending Investment has long held equity in several new energy vehicle companies, including Chery, IM Motors, and Avatr Technology, covering multiple segments of the passenger vehicle market.<\/li><li>MINIMAX-WP (100.HK): On May 28th, MiniMax disclosed its latest business data, stating that the number of global enterprise and developer clients served by the company has exceeded one million, a fivefold increase compared to six months ago; the global user base is approximately 300 million. In the past two months, the company&#8217;s annualized recurring revenue (ARR) has achieved growth of over 100%, and its B-end commercialization engine has entered a vertical acceleration phase. According to information disclosed at the March earnings conference, the company&#8217;s ARR in February exceeded US$150 million; at the same time, the average daily token consumption of the M2 series models increased sixfold within two months, and the number of newly registered users on the open platform increased more than fourfold.<\/li><li>BIREN TECH (6082.HK): On May 26th, the China Information Security Evaluation Centre and the National Secrecy Technology Evaluation Centre released the &#8220;Security and Reliability Evaluation Results Announcement (No. 2 of 2026)&#8221;, which included AI training and inference chips in the evaluation system for the first time. Nine domestically produced chips, including Biren Technology&#8217;s Biren 166, were rated as Level I in security and reliability. In addition, the Hang Seng Indexes Company&#8217;s quarterly review has included Biren Technology in the Hang Seng Composite Index. The change will be implemented after the market closes on June 5th and will take effect on June 8th. The market anticipates that the company may be simultaneously added to the Hong Kong Stock Connect pool, opening a potential channel for southbound capital inflows.<\/li><li>J&amp;T EXPRESS-W (1519.HK): On May 22nd, the Hang Seng Indexes Company announced the results of its quarterly review of the Hang Seng Index series ending March 31st. All changes will be implemented after the market closes on June 5th and will take effect on June 8th. J&amp;T Express-W, CHALCO, and BEONE MEDICINES will be included in the Hang Seng Index constituent stocks, increasing the number of constituent stocks from 90 to 93.<\/li><li>HORIZON ROBOT-W (9660.HK): Volkswagen Group&#8217;s ID. UNYX 06 and ID. UNYX 07 models have officially launched and begun deliveries. Both models will be the first to be equipped with the Journey 6M chip-based Xingyun Intelligent Assisted Driving System. This marks the first mass production launch of the intelligent driving solution developed by CARIAD, a joint venture between Volkswagen Group and Horizon Robot. Furthermore, by the end of 2026, the ID. UNYX 06 and ID. UNYX 07 will launch versions equipped with the advanced driver assistance system based on the Journey 6H chip, at which time both models will be fully upgraded to City NOA assistance.<\/li><\/ul><p><strong>Top constituent movers in May:<\/strong><\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7891 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u724711.png\" alt=\"\" width=\"544\" height=\"151\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u724711.png 544w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u724711-300x83.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u724711-18x5.png 18w\" data-sizes=\"(max-width: 544px) 100vw, 544px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 544px; --smush-placeholder-aspect-ratio: 544\/151;\" \/><\/p><p><strong>\u00a0<\/strong><\/p><p><strong>Bottom constituent movers in May:<\/strong><\/p><p><strong> <img decoding=\"async\" class=\"alignnone size-full wp-image-7892 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u724712.png\" alt=\"\" width=\"543\" height=\"152\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u724712.png 543w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u724712-300x84.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u724712-18x5.png 18w\" data-sizes=\"(max-width: 543px) 100vw, 543px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 543px; --smush-placeholder-aspect-ratio: 543\/152;\" \/><\/strong><\/p><p><strong>\u00a0<\/strong><strong>\u00a0<\/strong><\/p><p><strong>The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for May<\/strong><\/p><p>The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 1.44% monthly increase in May, overperforming the Hang Seng Index\u2019s (HSI) 2.30% monthly decrease and the Hang Seng Tech Index\u2019s (HSTI) 0.27% monthly increase. As of May 29th, this ETF had grown 16.49% since its listing, underperforming the HSI\u2019s rose of 39.96% and the HSTI\u2019s rose of 30.50%.<\/p><p><img decoding=\"async\" class=\"alignnone wp-image-7889 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72479.png\" alt=\"\" width=\"711\" height=\"338\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72479.png 1906w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72479-300x143.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72479-1024x487.png 1024w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72479-768x365.png 768w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72479-1536x730.png 1536w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72479-18x9.png 18w\" data-sizes=\"(max-width: 711px) 100vw, 711px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 711px; --smush-placeholder-aspect-ratio: 711\/338;\" \/><\/p><p>The following table compares the performance of the Phillip Hong Kong IPO Index ETF (2835.HK), the Hang Seng Index (HSI), and the Hang Seng Tech Index (HSTECH):<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7890 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u724710.png\" alt=\"\" width=\"361\" height=\"133\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u724710.png 361w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u724710-300x111.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u724710-18x7.png 18w\" data-sizes=\"(max-width: 361px) 100vw, 361px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 361px; --smush-placeholder-aspect-ratio: 361\/133;\" \/><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1584\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-1584\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-chevron-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Market Spotlight <span class=\"tanggal\">Apr 2026<\/span><\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1584\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-1584\"><p><strong>\u00a0<\/strong><strong>The IPO market performance in April<\/strong><\/p><p>Compared with the 16 new stocks listed on HKEX in March, the number of new listings dropped significantly in April to 9 new stocks listed on HKEX. As of April 30th, the overall performance of the IPO market was generally showing an upward-growing trend. Among them, both XIZHI TECH-P (1879.HK) and SUNMI TECH-W (6810.HK) saw a 344.3% and 221.8% increase in share prices, whereas only MABWELL-B (2493.HK) saw a 6.1% decrease in share price since listing.<\/p><p><strong>Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)<\/strong><\/p><p>The ETF aims to fully replicate the Solactive Hong Kong Newly Listed Equities Index, a rules-based equity benchmark designed to track the performance of securities that had a recent initial public offering or new listing on the main board of HKEX. The index is rebalanced quarterly, incorporating securities with IPOs or new listings within the last 756 business days, aiming for a total of 50 securities based on free-float market capitalization. The index also undergoes monthly IPO reviews to include recent IPOs, subject to liquidity and market capitalisation criteria.<\/p><p><strong>April <\/strong><strong>Monthly Review<\/strong><\/p><p>Solactive HK Newly Listed Equities Index included GALAXIS TECH (2729.HK), NEW VISION CO (2632.HK), and EASTROC (9980.HK) in April through the fast-track mechanism. It also removed HAIZHI TECH GP (2706.HK). The current number of constituent stocks has increased from 50 to 52.<\/p><p>GALAXIS TECH (2729.HK) is an intelligent intralogistics robotics provider offering a diverse range of robots centred on three core product lines: multi-directional shuttle robots (MSRs), autonomous mobile robots (AMRs), and conveying and sorting robots (CSRs). The company&#8217;s robot portfolio covers the entire spectrum of intralogistics operations, addressing the core functions of storage, sorting and transport. The company has long been committed to innovation in on-site logistics automation. With over a decade of long-standing commitment to innovation in intralogistics automation, the company ranked fifth among the comprehensive intelligent intralogistics robotics companies in China by revenue in 2024, with a market share of 1.6%.<\/p><p>As of September 30th, 2025, the company&#8217;s revenue in the nine months was 551.6 million yuan (RMB, the same below), a year-on-year decrease of 60.3%. Gross profit was 91.4 million, a decrease of 51.8% YoY; the gross profit margin for the nine months decreased to 16.6% from 17.5% in the same period of 2024. The loss attributable to the company&#8217;s equity holders was 135.3 million, which was basically the same as the same period of the previous year. Despite increased revenue, the company&#8217;s losses remained high, primarily due to the postponement of related revenue to future years caused by delays in major projects, significant investments in developing the company&#8217;s integrated technology capabilities and product portfolio, operational optimization for scalable growth, and significant changes in the carrying amount of redemption liabilities.<\/p><p><strong>Top 10 Holdings<\/strong><\/p><p>This month, the Phillip Hong Kong Newly Listed Equities Index ETF&#8217;s top ten holdings changed. XTALPI (2228.HK) and SKB BIO (6990.HK) fell out of the top ten holdings due to the market movement, while BUSYMING (1768.HK) and LAOPU GOLD (6181.HK) became the new top ten holdings. The following industries are currently the focus of the index: information technology (including MINIMAX-WP, HORIZONROBOT-W, and BIREN TECH), industrials (including CATL, J&amp;T EXPRESS-W, and UBTECH ROBOTICS), and consumer discretionary (including MIDEA GROUP, LAOPU GOLD, and HESAI-W). The following figures show the top 10 holdings and sector breakdown of the Phillip HK Newly Listed Equities Index:<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7881 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72471.png\" alt=\"\" width=\"554\" height=\"247\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72471.png 554w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72471-300x134.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72471-18x8.png 18w\" data-sizes=\"(max-width: 554px) 100vw, 554px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 554px; --smush-placeholder-aspect-ratio: 554\/247;\" \/> <img decoding=\"async\" class=\"alignnone wp-image-7882 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72472.png\" alt=\"\" width=\"505\" height=\"333\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72472.png 1906w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72472-300x198.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72472-1024x674.png 1024w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72472-768x506.png 768w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72472-1536x1011.png 1536w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72472-18x12.png 18w\" data-sizes=\"(max-width: 505px) 100vw, 505px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 505px; --smush-placeholder-aspect-ratio: 505\/333;\" \/><\/p><p><strong>\u00a0<\/strong><\/p><p><strong>Key Components Update<\/strong><\/p><ul><li>CATL (3750.HK): On April 27, CATL and Hibiotech signed a strategic cooperation agreement for sodium-ion batteries in Ningde, Fujian Province, reaching a three-year, 60GWh sodium-ion battery order cooperation agreement. This is the world&#8217;s largest sodium-ion battery order to date, marking a turning point in the industrialization of sodium-ion batteries and signifying that CATL has overcome the challenges of the entire sodium-ion battery mass production chain and has the capability for large-scale delivery.<\/li><li>MINIMAX-WP (100.HK): MiniMax achieved total revenue of 79.00 million (USD, the same below) in fiscal year 2025, a year-on-year increase of 158.9%; of this, AI-native product revenue was 5.31 million, accounting for 67.2%, and open platform and enterprise service revenue was 2.60 million, accounting for 32.8%. International market revenue accounted for 73.0% of total revenue. Gross profit was 2.01 million, a year-on-year increase of 437.2%; gross profit margin was 25.4%, a significant increase from 12.2% in 2024. A net loss of 1.87 billion, a 302.3% increase year-on-year, was mainly due to a 1.59 billion fair value loss on financial liabilities (primarily from preferred stock revaluation).<\/li><li>HORIZON ROBOT-W (9660.HK): Horizon Robotics founder and CEO Yu Kai will release China&#8217;s first cockpit-driver integrated &#8220;intelligent agent&#8221; chip, the &#8220;Starry Sky&#8221; series. This is not only a major upgrade to Horizon Robotics&#8217; product matrix but also marks a crucial step forward for domestic automotive chips in the competition for central computing architecture. The core breakthrough of Horizon Robotics&#8217; &#8220;Starry Sky&#8221; chip lies in integrating intelligent driving and cockpit computing, which originally required two domain control stations and two chips, into a single chip. According to Yu Kai, this can save up to RMB 4,000 in costs per vehicle. For automakers with annual sales of millions of vehicles, this translates to billions of RMB in cost reduction potential annually.<\/li><li>J&amp;T EXPRESS-W (1519.HK): J&amp;T released its first quarter operating data, showing that the company&#8217;s global parcel volume reached 8.326 billion pieces, a year-on-year increase of 26.2%, with an average daily parcel volume of 92.5 million pieces. By market segment, the company&#8217;s parcel volume in Southeast Asia reached 2.768 billion pieces, a year-on-year increase of 79.9%, with an average daily parcel volume of approximately 30.8 million orders, peaking at 47 million orders. Parcel volume in the Chinese market reached 5.404 billion pieces, a year-on-year increase of 8.4%, with an average daily parcel volume of 60 million pieces. Parcel volume in other markets reached 154 million pieces, a year-on-year increase of 100.5%, with an average daily parcel volume of 1.7 million orders, with strong growth in Latin America.<\/li><li>BIREN TECH (6082.HK): Biren Technology announced its annual results for the year ended December 31st, 2025. Revenue was 1.03 billion (RMB, the same below), a year-on-year increase of 207.2%; gross profit was 557 million, a year-on-year increase of 210.8%; gross profit margin was 53.8%, an increase of 63 basis points year-on-year. Net loss was 16.49 billion, an increase of 972.3% year-on-year, mainly due to the 15.47 billion redemptions of liabilities with changes in fair value (which have been converted to equity after the IPO); adjusted net loss was 874 million, an increase of 13.9% year-on-year. R&amp;D expenses were 1.48 billion, an increase of 78.5% year-on-year, accounting for 142.6% of revenue.<\/li><\/ul><p><strong>\u00a0<\/strong><\/p><p><strong>Top constituent movers in April:<\/strong><\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7885 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72475.png\" alt=\"\" width=\"543\" height=\"151\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72475.png 543w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72475-300x83.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72475-18x5.png 18w\" data-sizes=\"(max-width: 543px) 100vw, 543px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 543px; --smush-placeholder-aspect-ratio: 543\/151;\" \/><\/p><p><strong>Bottom constituent movers in April:<\/strong><\/p><p><strong> <img decoding=\"async\" class=\"alignnone size-full wp-image-7886 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72476.png\" alt=\"\" width=\"543\" height=\"152\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72476.png 543w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72476-300x84.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72476-18x5.png 18w\" data-sizes=\"(max-width: 543px) 100vw, 543px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 543px; --smush-placeholder-aspect-ratio: 543\/152;\" \/><\/strong><\/p><p><strong>\u00a0<\/strong><strong>\u00a0<\/strong><\/p><p><strong>The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for April<\/strong><\/p><p>The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 3.42% monthly increase in April, underperforming the Hang Seng Index\u2019s (HSI) 3.99% monthly increase and the Hang Seng Tech Index\u2019s (HSTI) 4.76% monthly increase. As of April 30th, this ETF had grown 14.83% since its listing, underperforming the HSI\u2019s rose of 43.26% and the HSTI\u2019s rose of 30.16%.<\/p><p><img decoding=\"async\" class=\"alignnone wp-image-7883 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72473.png\" alt=\"\" width=\"766\" height=\"364\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72473.png 1906w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72473-300x143.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72473-1024x487.png 1024w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72473-768x365.png 768w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72473-1536x730.png 1536w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72473-18x9.png 18w\" data-sizes=\"(max-width: 766px) 100vw, 766px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 766px; --smush-placeholder-aspect-ratio: 766\/364;\" \/><\/p><p>The following table compares the performance of the Phillip Hong Kong IPO Index ETF (2835.HK), the Hang Seng Index (HSI), and the Hang Seng Tech Index (HSTECH):<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7884 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72474.png\" alt=\"\" width=\"361\" height=\"133\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72474.png 361w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72474-300x111.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/06\/\u5716\u72474-18x7.png 18w\" data-sizes=\"(max-width: 361px) 100vw, 361px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 361px; --smush-placeholder-aspect-ratio: 361\/133;\" \/><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1585\" class=\"elementor-tab-title\" data-tab=\"5\" role=\"button\" aria-controls=\"elementor-tab-content-1585\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-chevron-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Market Spotlight <span class=\"tanggal\">Mar 2026<\/span><\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1585\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"region\" aria-labelledby=\"elementor-tab-title-1585\"><p><strong>The IPO market performance in March<\/strong><\/p><p>Compared with the 11 new stocks listed on HKEX in February, the number of new listings rose in March to 16 new stocks listed on HKEX. As of March 31st, the overall performance of the IPO market was divided. Among them, both FOURSEMI (3625.HK) and DIAGENS-B (2526.HK) saw 100% increase in share prices; whereas ALSCO POOLING (2649.HK) and TONGSHIFU (664.HK) saw a 64.5% and 49.2% decrease in share price since listing, respectively.<\/p><p><strong>Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)<\/strong><\/p><p>The ETF aims to fully replicate the Solactive Hong Kong Newly Listed Equities Index, a rules-based equity benchmark designed to track the performance of securities that had a recent initial public offering or new listing on the main board of HKEX. The index is rebalanced quarterly, incorporating securities with IPOs or new listings within the last 756 business days, aiming for a total of 50 securities based on free-float market capitalization. The index also undergoes monthly IPO reviews to include recent IPOs, subject to liquidity and market capitalisation criteria.<\/p><p><strong>March <\/strong><strong>Monthly Review<\/strong><\/p><p>Solactive HK Newly Listed Equities Index included XUNCE (3317.HK), BUSYMING (1768.HK), HAIZHI TECH GP (2706.HK), MUYUAN (2714.HK), MONTAGE TECH (6809.HK), SF HOLDING (6936.HK), JIAXIN INTL RES (3858.HK), FWD (1828.HK), AXERA (600.HK), and DEEPEXI TECH (1384.HK) in February through the quarterly rebalancing mechanism. It also removed KINGSOFT CLOUD (3896.HK), JD INDUSTRIALS (7618.HK), LENS (6613.HK), SUNSHINE INS (6963.HK), SERES (9927.HK), UNISOUND (9678.HK), EDGE MEDICAL-B (2675.HK), RIBOLIFE-B (6938.HK), WELLCELL HOLD (2477.HK), TUHU-W (9690.HK), WL DELICIOUS (9985.HK), SOFTCARE (2698.HK), DPC DASH (1405.HK), ABLE DIGITAL (2687.HK), CHICMAX (2145.HK), JF SMARTINVEST (9636.HK), MIRXES-B (2629.HK), and XXF (2473.HK). The current number of constituent stocks has decreased from 58 to 50.<\/p><p>XUNCE (3317.HK) is a leading provider of real-time data infrastructure and analytics solutions in China. The company&#8217;s system integration services facilitate seamless deployment in customer-owned environments, including self-managed cloud and on-premises systems, providing enterprises across all industries with real-time IT solutions encompassing data infrastructure and data analytics. In 2024, the company ranked fourth in China&#8217;s real-time data infrastructure and analytics market segment, with a market share of 3.4%.<\/p><p>As of June 30th, 2025, the company&#8217;s revenue in the six months was 108.0 million yuan (RMB, the same as below), a year-on-year decrease of 30.0%. Gross profit was 131.9 million, a decrease of 42.2% YoY; the gross profit margin for the six months decreased to 66.7% from 80.7% in the same period of 2024. The loss attributable to the company&#8217;s equity holders was 89.4 million, narrowed by 11.9% compared to the same period last year. The decrease in company revenue was primarily due to reduced revenue from solutions applied to the asset management industry and a decrease in financial services and city management business. In addition, gross margin was also affected by one-time data initialization costs incurred from expanding into new industries and new customer groups.<\/p><p><strong>Top 10 Holdings<\/strong><\/p><p>This month, the Phillip Hong Kong Newly Listed Equities Index ETF&#8217;s top ten holdings changed. PONY-W (2026.HK) and UBTECH ROBOTICS (9880.HK) fell out of the top ten holdings due to the price drop, while XUNCE (3317.HK) and SKB BIO-B (6990.HK) became the new top ten holdings. The following industries are currently the focus of the index: information technology (including MINIMAX-WP, HORIZONROBOT-W, and BIREN TECH), industrials (including CATL, J&amp;T EXPRESS-W, and UBTECH ROBOTICS), and health care (including INSILICO, XTALPI, and SKB BIO-B). The following figures show the top 10 holdings and sector breakdown of the Phillip HK Newly Listed Equities Index:<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7793 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72471.png\" alt=\"\" width=\"554\" height=\"247\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72471.png 554w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72471-300x134.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72471-18x8.png 18w\" data-sizes=\"(max-width: 554px) 100vw, 554px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 554px; --smush-placeholder-aspect-ratio: 554\/247;\" \/>\u00a0 \u00a0 <img decoding=\"async\" class=\"alignnone wp-image-7794 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72472.png\" alt=\"\" width=\"494\" height=\"326\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72472.png 863w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72472-300x198.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72472-768x507.png 768w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72472-18x12.png 18w\" data-sizes=\"(max-width: 494px) 100vw, 494px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 494px; --smush-placeholder-aspect-ratio: 494\/326;\" \/> \u00a0\u00a0\u00a0<\/p><p><strong>\u00a0<\/strong><\/p><p><strong>\u00a0<\/strong><\/p><p><strong>Key Components Update<\/strong><\/p><ul><li>MINIMAX-WP (100.HK): MiniMax recently launched its new generation flagship agent model, M2.7, achieving &#8220;model self-evolution&#8221; for the first time. This model, by building an Agent Harness system, deeply participates in its own training and optimization process, handling 30% to 50% of the workload in some R&amp;D scenarios and achieving approximately 30% performance improvement in internal evaluations. This breakthrough marks a new stage in AI models, shifting from passively receiving training to actively optimizing their own architecture. In terms of programming capabilities, M2.7 demonstrates strong performance. In the SWE-Pro test, which covers multiple programming languages, the model achieved an accuracy of 56.22%, matching GPT-5.3-Codex; on the Repo-level code generation benchmark VIBE-Pro, M2.7 scored 55.6%, almost on par with Opus 4.6.<\/li><li>CATL (3750.HK): Financial reports show that CATL&#8217;s revenue reached 423.7 billion yuan (RMB, the same below) in 2025, a year-on-year increase of 17.04%; net profit attributable to shareholders was 72.2 billion, a year-on-year increase of 42.28%. Power battery business remains the main source of revenue, accounting for 74.7% of total revenue. The company&#8217;s gross profit margin and net profit margin reached 26.3% and 18.1% respectively, both the highest levels in the past five years. Net cash flow from operating activities was 133.2 billion, a year-on-year increase of 37.35%, indicating ample cash reserves. In terms of business layout, CATL&#8217;s global market share of power batteries increased to 39.2%, ranking first globally for nine consecutive years; its market share of energy storage battery shipments reached 30.4%, ranking first globally for five consecutive years.<\/li><li>HORIZON ROBOT-W (9660.HK): Horizon Robotics released its consolidated financial results, reporting revenue of 3.758 billion yuan (RMB, the same below) from customer contracts in 2025, a year-on-year increase of 57.7%; gross profit margin was 64.5%, with the automotive business accounting for 94.6% of revenue and achieving a high gross profit margin of 67.2%. The company strategically increased its R&amp;D investment, especially in cloud services, with R&amp;D expenditure reaching 5.154 billion in 2025, a year-on-year increase of 63.3%, resulting in an adjusted operating loss of 2.37 billion during the reporting period. Significant breakthroughs were achieved in the commercialization of advanced intelligent driving solutions, further consolidating its market leadership.<\/li><li>J&amp;T EXPRESS-W (1519.HK): J&amp;T Express-W released its full-year results for 2025, with group revenue of 12.158 billion (USD, the same below), a year-on-year increase of 18.5%. Gross profit increased by 35.7% to 1.46 billion, and annual profit increased by 98.2% to 2.25 million. In 2025, the company&#8217;s global parcel volume exceeded 30 billion pieces for the first time, handling a total of 30.13 billion parcels, representing a year-on-year increase of 22.2%. All three core markets achieved profitability, new markets turned a profit for the first time, market share in Southeast Asia exceeded 34%, and the market in China maintained business profitability resilience.<\/li><li>MIDEA GROUP (300.HK): In 2025, Midea Group achieved total operating revenue of 458.5 billion yuan (RMB, the same below), a year-on-year increase of 12.1%; net profit attributable to owners of the parent company was 43.95 billion, a year-on-year increase of 14%. The company continued to increase R&amp;D investment, with R&amp;D investment reaching 17.8 billion in 2025, a year-on-year increase of 9.6%. As of the end of 2025, it had more than 23,000 R&amp;D personnel globally, with 41 R&amp;D centers in 12 countries. In terms of digitalization, investment in digitalization and AI exceeded 3 billion in 2025, with employees independently building 13,500 intelligent agents, improving efficiency by more than 15 million hours and reducing costs by RMB 700 million throughout the year.<\/li><\/ul><p><strong>\u00a0<\/strong><strong>\u00a0<\/strong><\/p><p><strong>Top constituent movers in March:<\/strong><\/p><p><strong> <img decoding=\"async\" class=\"alignnone size-full wp-image-7797 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72475.png\" alt=\"\" width=\"543\" height=\"151\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72475.png 543w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72475-300x83.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72475-18x5.png 18w\" data-sizes=\"(max-width: 543px) 100vw, 543px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 543px; --smush-placeholder-aspect-ratio: 543\/151;\" \/><\/strong><\/p><p><strong>\u00a0<\/strong><\/p><p><strong>Bottom constituent movers in March:<\/strong><\/p><p><strong> <img decoding=\"async\" class=\"alignnone size-full wp-image-7798 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72476.png\" alt=\"\" width=\"543\" height=\"150\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72476.png 543w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72476-300x83.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72476-18x5.png 18w\" data-sizes=\"(max-width: 543px) 100vw, 543px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 543px; --smush-placeholder-aspect-ratio: 543\/150;\" \/><\/strong><\/p><p><strong>\u00a0<\/strong><\/p><p><strong>The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for March<\/strong><\/p><p>The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 8.55% monthly decrease in March, underperforming the Hang Seng Index\u2019s (HSI) 6.92% monthly decrease and the Hang Seng Tech Index\u2019s (HSTI) 9.50% monthly decrease. As of March 31st, this ETF had grown 11.04% since its listing, underperforming the HSI\u2019s rose of 37.77% and the HSTI\u2019s rose of 24.24%.<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7795 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72473.png\" alt=\"\" width=\"863\" height=\"410\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72473.png 863w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72473-300x143.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72473-768x365.png 768w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72473-18x9.png 18w\" data-sizes=\"(max-width: 863px) 100vw, 863px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 863px; --smush-placeholder-aspect-ratio: 863\/410;\" \/><\/p><p>The following table compares the performance of the Phillip Hong Kong IPO Index ETF (2835.HK), the Hang Seng Index (HSI), and the Hang Seng Tech Index (HSTECH):<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7796 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72474.png\" alt=\"\" width=\"361\" height=\"133\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72474.png 361w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72474-300x111.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/04\/\u5716\u72474-18x7.png 18w\" data-sizes=\"(max-width: 361px) 100vw, 361px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 361px; --smush-placeholder-aspect-ratio: 361\/133;\" \/><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1586\" class=\"elementor-tab-title\" data-tab=\"6\" role=\"button\" aria-controls=\"elementor-tab-content-1586\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-chevron-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-chevron-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" tabindex=\"0\">Market Spotlight <span class=\"tanggal\">Feb 2026<\/span><\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1586\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"6\" role=\"region\" aria-labelledby=\"elementor-tab-title-1586\"><p><strong>\u00a0<\/strong><strong>The IPO market performance in February<\/strong><\/p><p>Compared with the 13 new stocks listed on HKEX in January, the number of new listings dropped slightly in February to 11 new stocks listed on HKEX. As of February 28th, 8 of the newly listed stocks this month saw their share prices rise. Among them, HAIZHI TECH GP (2706.HK) and RIDGE OUTDOOR (2720.HK) saw a 238% and 104% increase in share price, respectively, since listing. Besides, DISTINCT HEALTH (2677.HK) is the only one that saw a decrease in share price since listing. Whereas HX COLDCHAIN (1641.HK) and LONGCHEER (9611.HK) saw no change in share price since listing, respectively.<\/p><p><strong>Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)<\/strong><\/p><p>The ETF aims to fully replicate the Solactive Hong Kong Newly Listed Equities Index, a rules-based equity benchmark designed to track the performance of securities that had a recent initial public offering or new listing on the main board of HKEX. The index is rebalanced quarterly, incorporating securities with IPOs or new listings within the last 756 business days, aiming for a total of 50 securities based on free-float market capitalization. The index also undergoes monthly IPO reviews to include recent IPOs, subject to liquidity and market capitalisation criteria.<\/p><p><strong>February <\/strong><strong>Monthly Review<\/strong><\/p><p>Solactive HK Newly listed Equities Index MINIMAX-WP (100.HK), BIREN TECH (6082.HK), INSILICO (3696.HK), 51 WORLD (6651.HK), GIGADEVICE (3986.HK), ONEROBOTICS (6600.HK), EDGE MEDICAL-B (2675.HK), and RIBOLIFE-B (6938.HK) in February through the fast-track mechanism. It also removed SF HOLDING (6936.HK) and YUNJI (2670.HK). The current number of constituent stocks has increased from 52 to 58.<\/p><p>MINIMAX-WP (100.HK) is a global AI large-scale model company founded by a group of highly forward-thinking engineers. It is dedicated to driving technological innovation in artificial intelligence, enabling the performance of various human intellectual tasks, including learning, reasoning, planning, and generalizing knowledge across diverse domains. As of September 30, 2025, the company&#8217;s AI-native products have served over 200 million individual users from more than 200 countries and regions, and over 100,000 enterprises and developers from more than 100 countries and regions.<\/p><p>As of September 30th, 2025, the company&#8217;s revenue in the nine months was 53.44 million dollars (USD, the same below), a year-on-year increase of 174.7%. Gross profit was 12.48 million, an increase of 2346.3% YoY; the gross profit margin for the nine months increased to 23.3% from 2.6% in the same period of 2024. The loss attributable to the company&#8217;s equity holders was 512.01 million, an increase of 68.2% YoY. The company&#8217;s increased revenue but increased losses were due to a significant rise in administrative and R&amp;D expenses, as well as a substantial remeasurement of the fair value of financial liabilities in preferred shares resulting from the company&#8217;s continued valuation increase.<\/p><p><strong>Top 10 Holdings<\/strong><\/p><p>This month, the Phillip Hong Kong Newly Listed Equities Index ETF&#8217;s top ten holdings changed. LAOPU GOLD (6181.HK), HESAI-W (2525.HK), and WUXI XDC (2268.HK) fell out of the top ten holdings due to the newly added constituents, while MINIMAX-WP (100.HK), BIREN TECH (6082.HK), and INSILICO (3696.HK) became the new top ten holdings. The following industries are currently the focus of the index: information technology (including MINIMAX-WP, HORIZONROBOT-W, and BIREN TECH), industrials (including CATL, J&amp;T EXPRESS-W, and UBTECH ROBOTICS), and consumer discretionary (including MIDEA, LAOPU GOLD, and HESAI-W). The following figures show the top 10 holdings and sector breakdown of the Phillip HK Newly Listed Equities Index:<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7751 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72471.1.png\" alt=\"\" width=\"554\" height=\"247\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72471.1.png 554w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72471.1-300x134.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72471.1-18x8.png 18w\" data-sizes=\"(max-width: 554px) 100vw, 554px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 554px; --smush-placeholder-aspect-ratio: 554\/247;\" \/>\u00a0 \u00a0 <img decoding=\"async\" class=\"alignnone wp-image-7752 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72472.1.png\" alt=\"\" width=\"497\" height=\"317\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72472.1.png 1897w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72472.1-300x192.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72472.1-1024x654.png 1024w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72472.1-768x491.png 768w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72472.1-1536x981.png 1536w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72472.1-18x12.png 18w\" data-sizes=\"(max-width: 497px) 100vw, 497px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 497px; --smush-placeholder-aspect-ratio: 497\/317;\" \/><\/p><p><strong>\u00a0<\/strong><\/p><p><strong>\u00a0<\/strong><\/p><p><strong>Key Components Update<\/strong><\/p><ul><li>MINIMAX-WP (100.HK): MiniMax released M2.5 \u2013 the world&#8217;s first production-grade flagship model natively designed for intelligent agent scenarios; MiniMax also launched the HighSpeed \u200b\u200bCodingPlan. Latest weekly data shows that the total token value of the top ten models on the platform is approximately 8.7 trillion, of which Chinese models account for 5.3 trillion, or 61%. The top three models in terms of token usage this week were all large domestic models: MiniMax M2.5 debuted at the top with 2.45 trillion tokens, followed closely by Kimi K2.5 with 1.21 trillion, and Zhipu GLM-5 and DeepSeek V3.2 ranked third and fifth, respectively. M2.5 drove incremental demand for texts ranging from 100K to 1M in length, a typical consumption scenario in intelligent agent workflows.<\/li><li>HORIZON ROBOT-W (9660.HK): Horizon Robotics officially announced that its HoloBrain-0 base model and framework are fully open-source. This open-sourcing not only includes the HoloBrain-0 core algorithm, but Horizon Robotics is also simultaneously releasing the complete infrastructure, RoboOrchard. This open-sourcing of HoloBrain-0 will help accelerate the transformation of embodied intelligence technology from laboratory prototypes to large-scale industrial applications, contributing to technological innovation and ecosystem building throughout the embodied intelligence field.<\/li><li>CATL (3750.HK): Hang Seng Index Company Limited announced the results of the quarterly review of the Hang Seng Index series ending December 31st, 2025. According to the results of the quarterly review, CATL, CMOC, and Laopu Gold will be added, while ZHONGSHENG HLDG will be removed. After the adjustment, the number of Hang Seng Index constituent stocks will increase from 88 to 90. The constituent stocks of the Hang Seng China Enterprises Index and the Hang Seng Composite Index have also been adjusted. All the above changes will be implemented after the market closes on March 6th, 2026, and will take effect on March 9th, 2026.<\/li><li>J&amp;T EXPRESS-W (1519.HK): J&amp;T Express and SF Holding jointly announced a cross-shareholding agreement totalling HK$8.3 billion. According to the agreement, J&amp;T will issue 822 million Class B shares to SF, while SF will issue 226 million H shares to J&amp;T. After the transaction, SF will hold 10% of J&amp;T&#8217;s shares, and J&amp;T will hold 4.29% of SF&#8217;s shares. This is the largest strategic cross-shareholding case in China&#8217;s logistics industry to date. The two parties clarified in the announcement that this cooperation aims to build a broader and more efficient global integrated logistics network, jointly seizing the growth opportunities of Chinese companies going global and cross-border e-commerce.<\/li><li>MIDEA GROUP (300.HK): JD-SW recently signed a strategic cooperation agreement with Midea, HAIER, Hisense, and TCL for 2026, further clarifying the strategic goal of achieving HK$180 billion in sales across JD&#8217;s online and offline channels. According to the agreement, all parties will adhere to a customer-first approach and continue to focus on upgrading the service experience, jointly developing and innovating products, deepening channel development, expanding marketing and operations, and jointly promoting sales growth in categories such as televisions, air conditioners, refrigerators, washing machines, range hoods, stoves, water heaters, and small appliances.<\/li><\/ul><p><strong>\u00a0<\/strong><\/p><p><strong>Top constituent movers in February:<\/strong><\/p><p><strong> <img decoding=\"async\" class=\"alignnone size-full wp-image-7755 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72475.1.png\" alt=\"\" width=\"542\" height=\"153\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72475.1.png 542w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72475.1-300x85.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72475.1-18x5.png 18w\" data-sizes=\"(max-width: 542px) 100vw, 542px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 542px; --smush-placeholder-aspect-ratio: 542\/153;\" \/><\/strong><\/p><p><strong>\u00a0<\/strong><\/p><p><strong>Bottom constituent movers in February:<\/strong><\/p><p><strong> <img decoding=\"async\" class=\"alignnone size-full wp-image-7756 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72476.1.png\" alt=\"\" width=\"542\" height=\"152\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72476.1.png 542w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72476.1-300x84.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72476.1-18x5.png 18w\" data-sizes=\"(max-width: 542px) 100vw, 542px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 542px; --smush-placeholder-aspect-ratio: 542\/152;\" \/><\/strong><\/p><p><strong>\u00a0<\/strong><\/p><p><strong>The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for February<\/strong><\/p><p>The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 3.31% monthly decrease in February, underperforming the Hang Seng Index\u2019s (HSI) 2.76% monthly decrease and the Hang Seng Tech Index\u2019s (HSTI) 10.15% monthly decrease. As of February 28th, this ETF had grown 21.43% since its listing, underperforming the HSI\u2019s rose of 48.01% and the HSTI\u2019s rose of 37.28%.<\/p><p><img decoding=\"async\" class=\"alignnone wp-image-7765 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72473-2-scaled.png\" alt=\"\" width=\"913\" height=\"438\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72473-2-scaled.png 2560w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72473-2-300x144.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72473-2-1024x492.png 1024w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72473-2-768x369.png 768w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72473-2-1536x738.png 1536w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72473-2-2048x984.png 2048w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72473-2-18x9.png 18w\" data-sizes=\"(max-width: 913px) 100vw, 913px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 913px; --smush-placeholder-aspect-ratio: 913\/438;\" \/><\/p><p>The following table compares the performance of the Phillip Hong Kong IPO Index ETF (2835.HK), the Hang Seng Index (HSI), and the Hang Seng Tech Index (HSTECH):<\/p><p><img decoding=\"async\" class=\"alignnone size-full wp-image-7754 lazyload\" data-src=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72474.1.png\" alt=\"\" width=\"351\" height=\"133\" data-srcset=\"https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72474.1.png 351w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72474.1-300x114.png 300w, https:\/\/www.phillipfunds.com.hk\/wp-content\/uploads\/2026\/03\/\u5716\u72474.1-18x7.png 18w\" data-sizes=\"(max-width: 351px) 100vw, 351px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 351px; --smush-placeholder-aspect-ratio: 351\/133;\" \/><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20089f3 elementor-widget elementor-widget-html\" data-id=\"20089f3\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\n    .tanggal{\n        color: #C4C4C9 !important;\n        font-size: 18px;\n        font-family: \"Noto Sans JP\";\n        font-weight: 300;\n        margin-left: 1em;\n    }\n<\/style>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>INSIGHTS &amp; REPORTS Market Update Market Spotlight Jul 2026 The IPO market performance in July Compared with the 25 new stocks listed on HKEX in June, the number of new &#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-107","page","type-page","status-publish","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"http:\/\/www.phillipfunds.com.hk\/en\/wp-json\/wp\/v2\/pages\/107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.phillipfunds.com.hk\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/www.phillipfunds.com.hk\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/www.phillipfunds.com.hk\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.phillipfunds.com.hk\/en\/wp-json\/wp\/v2\/comments?post=107"}],"version-history":[{"count":209,"href":"http:\/\/www.phillipfunds.com.hk\/en\/wp-json\/wp\/v2\/pages\/107\/revisions"}],"predecessor-version":[{"id":8026,"href":"http:\/\/www.phillipfunds.com.hk\/en\/wp-json\/wp\/v2\/pages\/107\/revisions\/8026"}],"wp:attachment":[{"href":"http:\/\/www.phillipfunds.com.hk\/en\/wp-json\/wp\/v2\/media?parent=107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}