The IPO market performance in May

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.

Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)

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.

May Monthly Review

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.

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’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%.

As of December 31st, 2025, the company’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’s equity holders was 4,312.0 million, rising dramatically by 273.5% YoY. The company’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.

Top 10 Holdings

This month, the Phillip Hong Kong Newly Listed Equities Index ETF’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&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:

Key Components Update

• 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 ​​computing 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.
• 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’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’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.
• BIREN TECH (6082.HK): On May 26th, the China Information Security Evaluation Centre and the National Secrecy Technology Evaluation Centre released the “Security and Reliability Evaluation Results Announcement (No. 2 of 2026)”, which included AI training and inference chips in the evaluation system for the first time. Nine domestically produced chips, including Biren Technology’s Biren 166, were rated as Level I in security and reliability. In addition, the Hang Seng Indexes Company’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.
• J&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&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.
• HORIZON ROBOT-W (9660.HK): Volkswagen Group’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.

Top constituent movers in May:

Bottom constituent movers in May:

The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for May

The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 1.44% monthly increase in May, overperforming the Hang Seng Index’s (HSI) 2.30% monthly decrease and the Hang Seng Tech Index’s (HSTI) 0.27% monthly increase. As of May 29th, this ETF had grown 16.49% since its listing, underperforming the HSI’s rose of 39.96% and the HSTI’s rose of 30.50%.

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):

 The IPO market performance in April

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.

Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)

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.

April Monthly Review

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.

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’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%.

As of September 30th, 2025, the company’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’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’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’s integrated technology capabilities and product portfolio, operational optimization for scalable growth, and significant changes in the carrying amount of redemption liabilities.

Top 10 Holdings

This month, the Phillip Hong Kong Newly Listed Equities Index ETF’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&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:

Key Components Update

• 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’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.
• 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).
• HORIZON ROBOT-W (9660.HK): Horizon Robotics founder and CEO Yu Kai will release China’s first cockpit-driver integrated “intelligent agent” chip, the “Starry Sky” series. This is not only a major upgrade to Horizon Robotics’ 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’ “Starry Sky” 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.
• J&T EXPRESS-W (1519.HK): J&T released its first quarter operating data, showing that the company’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’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.
• 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&D expenses were 1.48 billion, an increase of 78.5% year-on-year, accounting for 142.6% of revenue.

Top constituent movers in April:

Bottom constituent movers in April:

The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for April

The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 3.42% monthly increase in April, underperforming the Hang Seng Index’s (HSI) 3.99% monthly increase and the Hang Seng Tech Index’s (HSTI) 4.76% monthly increase. As of April 30th, this ETF had grown 14.83% since its listing, underperforming the HSI’s rose of 43.26% and the HSTI’s rose of 30.16%.

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):

The IPO market performance in March

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.

Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)

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.

March Monthly Review

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.

XUNCE (3317.HK) is a leading provider of real-time data infrastructure and analytics solutions in China. The company’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’s real-time data infrastructure and analytics market segment, with a market share of 3.4%.

As of June 30th, 2025, the company’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’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.

Top 10 Holdings

This month, the Phillip Hong Kong Newly Listed Equities Index ETF’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&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:

Key Components Update

• MINIMAX-WP (100.HK): MiniMax recently launched its new generation flagship agent model, M2.7, achieving “model self-evolution” 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&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.
• CATL (3750.HK): Financial reports show that CATL’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’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’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.
• 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&D investment, especially in cloud services, with R&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.
• J&T EXPRESS-W (1519.HK): J&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’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.
• 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&D investment, with R&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&D personnel globally, with 41 R&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.

Top constituent movers in March:

Bottom constituent movers in March:

The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for March

The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 8.55% monthly decrease in March, underperforming the Hang Seng Index’s (HSI) 6.92% monthly decrease and the Hang Seng Tech Index’s (HSTI) 9.50% monthly decrease. As of March 31st, this ETF had grown 11.04% since its listing, underperforming the HSI’s rose of 37.77% and the HSTI’s rose of 24.24%.

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):

 The IPO market performance in February

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.

Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)

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.

February Monthly Review

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.

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’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.

As of September 30th, 2025, the company’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’s equity holders was 512.01 million, an increase of 68.2% YoY. The company’s increased revenue but increased losses were due to a significant rise in administrative and R&D expenses, as well as a substantial remeasurement of the fair value of financial liabilities in preferred shares resulting from the company’s continued valuation increase.

Top 10 Holdings

This month, the Phillip Hong Kong Newly Listed Equities Index ETF’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&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:

Key Components Update

• MINIMAX-WP (100.HK): MiniMax released M2.5 – the world’s first production-grade flagship model natively designed for intelligent agent scenarios; MiniMax also launched the HighSpeed ​​CodingPlan. 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.
• 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.
• 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.
• J&T EXPRESS-W (1519.HK): J&T Express and SF Holding jointly announced a cross-shareholding agreement totalling HK$8.3 billion. According to the agreement, J&T will issue 822 million Class B shares to SF, while SF will issue 226 million H shares to J&T. After the transaction, SF will hold 10% of J&T’s shares, and J&T will hold 4.29% of SF’s shares. This is the largest strategic cross-shareholding case in China’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.
• 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’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.

Top constituent movers in February:

Bottom constituent movers in February:

The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for February

The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 3.31% monthly decrease in February, underperforming the Hang Seng Index’s (HSI) 2.76% monthly decrease and the Hang Seng Tech Index’s (HSTI) 10.15% monthly decrease. As of February 28th, this ETF had grown 21.43% since its listing, underperforming the HSI’s rose of 48.01% and the HSTI’s rose of 37.28%.

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):

 The IPO market performance in January

Compared with the 25 new stocks listed on HKEX in December, the number of new listings dropped significantly in January to 13 new stocks listed on HKEX. As of January 31st, 11 of the newly listed stocks this month saw their share prices rise. Among them, MINIMAX-WP (100.HK) and GIGADEVICE (3986.HK) saw a 187% and 107% increase in share price, respectively, since listing. Whereas HX COLDCHAIN (1641.HK) and LONGCHEER (9611.HK) saw a 24% and 3% decrease in share price since listing, respectively.

Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)

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.

January Monthly Review

Solactive HK Newly Listed Equities Index included JD INDUSTRIALS (7618.HK) and ABLE DIGITAL (2687.HK) in January through the fast-track mechanism. The current number of constituent stocks has increased from 50 to 52.

JD INDUSTRIALS (7618.HK) is the leading industrial supply chain technology and service provider in China. Through transformative digitalization of the industrial supply chain, the company helps its customers increase supply chain reliability, reduce costs, enhance efficiency, and ensure compliance. It started its supply chain technology and service business in 2017, focusing on MRO procurement service. According to data, the company is ranked No. 1 as measured by GMV in 2024, which is nearly three times the size of the next largest player. It has also emerged as the largest service provider in China’s industrial supply chain technology and service sector, with a market share of 4.1%, in terms of GMV in 2024.

As of June 30th, 2025, the company’s revenue in the first half of 2025 was 10.25 billion dollars (RMB, the same below), a year-on-year increase of 18.9%. Gross profit was 1.90 billion, an increase of 30.5% YoY; the gross profit margin for the first half of 2025 increased to 18.6% from 16.9% in the same period of 2024. The profit attributable to the company’s equity holders was 451.0 million, an increase of 55.0% YoY. The company’s revenue increase was driven by the continued growth in transaction volume, while improved procurement efficiency and supplier network optimization led to an increase in the gross profit margin of merchandise revenue.

Top 10 Holdings

This month, the Phillip Hong Kong Newly Listed Equities Index ETF’s top ten holdings changed. INNOSCIENCE (2577.HK) fell out of the top ten holdings due to a price drop, while HESAI-W (2525.HK) became the new top ten holdings. The following industries are currently the focus of the index: industrials (including CATL, J&T EXPRESS-W, and UBTECH ROBOTICS), information technology (including HORIZON ROBOT, PONY-W, and INNOSCIENCE), 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:

Key Components Update

• HORIZON ROBOT-W (9660.HK): According to the latest 2025 intelligent driving computing chip ranking released by the Gaogong Intelligent Vehicle Research Institute, the data shows that in the field of ADAS front-view integrated machines and small domain control computing chips, Horizon Robotics holds a dominant market share of 47.66% — nearly half the market. It has been the top-ranked domestic brand in ADAS market share for two consecutive years, and together with second-place Mobileye, it accounts for 75% of the market. It is reported that Horizon Robotics’ Journey 6B is accelerating its penetration into the ADAS market, with a cumulative total of over 10 brands contracted. Future developments will further consolidate its leading position.
• CATL (3750.HK): According to data released by SNE Research on January 28th, global lithium battery shipments for energy storage systems will reach 550 GWh in 2025, a year-on-year increase of 79%. In terms of regional markets, China is the largest market, with a scale of 352 GWh, accounting for 64% of the global total, and a year-on-year growth rate of 117%. Regarding corporate competition, the top seven global shipments are all from Chinese companies. CATL continues to hold the top spot globally with an installed capacity of 400.0 GWh, a year-on-year increase of 34.5%, maintaining its leading position in the industry.
• J&T EXPRESS-W (1519.HK): In 2025, the national express delivery volume will approach 200 billion pieces, reaching 199 billion pieces, a year-on-year increase of 13.7%; business revenue will also climb to 1.5 trillion yuan, a year-on-year increase of 6.5%. Among them, J&T Express’s total parcel volume in 2025 will reach 30.13 billion pieces, exceeding 30 billion pieces for the first time, a sharp year-on-year increase of 22.2%. Of these, the Chinese market contributed 22.07 billion units, a growth rate of 11.4%; Southeast Asia contributed 7.66 billion units throughout the year, a surge of 67.8%; and new markets (Saudi Arabia, Brazil, Mexico, etc.) also contributed 400 million units, a growth of 43.6%.
• MIDEA GROUP (300.HK): Recently, Midea Group and Changan Automobile signed a strategic cooperation agreement. The two parties will focus on the “human-vehicle-home” smart ecosystem, jointly building interconnectivity between smart homes and smart cars, and promoting comprehensive collaboration from consumer scenarios to enterprise production. Since launching its “human-vehicle-home” ecosystem strategy last August, Midea has successively established cooperation with several leading automakers, such as BYD and Changan, continuously implementing vehicle-home interconnection achievements. Midea is attempting to stimulate the multiplier effect of the ecosystem and release greater synergistic efficiency by starting with multiple dimensions, such as connectivity, scenarios, and services.
• UBTECH ROBOTICS (9880.HK): European aerospace manufacturing giant Airbus announced the purchase of UBTECH’s industrial version of the Walker S2 humanoid robot and its introduction into its real aerospace manufacturing plant. The Walker S2 walks at approximately 2 meters per second, possesses 11 degrees of freedom, has dexterous hands equipped with tactile sensors, and can carry a load of 7.5 kg per hand and 1 kg per finger. It is also the first humanoid robot capable of “autonomously replacing its batteries”, eliminating the need for manual charging. Its waist can rotate nearly 180 degrees. This means that on narrow aircraft assembly lines, it can quickly turn and handle parts in different orientations without moving its feet. It features an external emergency stop button and power switch on its back. By 2025, UBTECH’s total orders for humanoid robots exceeded 1.4 billion yuan, ranking among the top globally.

Top constituent movers in January:

Bottom constituent movers in January:

The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for January

The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 2.41% monthly increase in January, underperforming the Hang Seng Index’s (HSI) 6.85% monthly increase and the Hang Seng Tech Index’s (HSTI) 3.67% monthly increase. As of January 31st, this ETF had grown 25.59% since its listing, underperforming the HSI’s rose of 52.21% and the HSTI’s rose of 52.78%.

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):

The IPO market performance in December

Compared with the twelve new stocks listed on HKEX in November, the number of new listings rose significantly in December to 25 new stocks listed on HKEX. As of December 31st, the overall performance of the IPO market was divided. Among them, NUOBIKAN (2635.HK) and QINGSONG HEALTH (2661.HK) saw a 368% and 202% increase in share price, respectively, since listing. Whereas B&K CORP-B (2396.HK) and BENQ HOLDING (2581.HK) saw a 58% and 56% decrease in share price since listing, respectively.

Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)

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.

December Monthly Review

Solactive HK Newly listed Equities Index included PONY-W (2026.HK), PEGBIO CO-B (2565.HK), WERIDE-W (800.HK), TRANSTHERA-B (2617.HK), MININGLAMP-W (2718.HK), CHUANGXIN IND (2788.HK), SERES (9927.HK), WELLCELL HOLD (2477.HK), SOFTCARE (2698.HK), MIRXES-B (2629.HK), and YUNJI (2670.HK) in December through the quarterly rebalancing mechanism. And it also removed TME-SW (1698.HK), LEAPMOTOR (9863.HK), CHERY AUTO (9973.HK), GIANT BIOGENE (2367.HK), BOSS ZHIPIN-W (2076.HK), CALB (3931.HK), CTG DUTY-FREE (1880.HK), BLOKS (325.HK), LEADS BIOLABS-B (9887.HK), ZJLD (6979.HK), SUNSHINE PHARMA (6887.HK), ZENERGY (3677.HK), CAOCAO INC (2643.HK), QUNABOX GROUP (917.HK), INNOGEN-B (2591.HK). The current number of constituent stocks has decreased from 54 to 50.

PONY-W (2026.HK) has been committed to developing advanced Level 4 autonomous driving technology, with a focus on autonomous driving mobility services. The company is the only Level 4 autonomous driving technology company to have obtained all regulatory permits available and required to provide public-facing robotaxi services in all four Tier-1 cities as of the Latest Practicable Date, operating a fleet of over 720 self-owned robotaxis as of the same date, which accumulated over 48.6 million kilometres of autonomous driving mileage, including over 11.5 million kilometres of driverless mileage. The company is also the first in China to receive approval for driverless robot truck platooning tests on cross-provincial highways in December 2024, operating a fleet of over 170 self-owned and leased robot trucks as of the Latest Practicable Date.

As of December 31st, 2024, the company’s revenue in 2024 was 75.0 million dollars (USD, the same below), a year-on-year increase of 4.3%. Gross profit was 11.4 million, a decrease of 32.5% YoY, due to the increase in cost of revenue exceeding the increase in revenue; the gross profit margin decreased from 23.5% in 2023 to 15.2% in 2024. The loss attributable to the company’s equity holders in 2024 was 275.0 million, an increase of 119.5% YoY, mainly due to a significant increase in operating expenses resulting from increased R&D investment to support the joint development of the seventh-generation autonomous taxi with OEM partners.

Top 10 Holdings

This month, the Phillip Hong Kong Newly Listed Equities Index ETF’s top ten holdings changed. TME-SW (1698.HK), LEAPMOTOR (9863.HK), and CHERY AUTO (9973.HK) fell out of the top ten holdings due to quarterly rebalancing mechanism, while PONY-W (2026.HK), INNOSCIENCE (2577.HK), and WUXI XDC (2268.HK) became the new top ten holdings. The following industries are currently the focus of the index: industrials (including CATL, J&T EXPRESS-W, and UBTECH ROBOTICS), information technology (including HORIZON ROBOT, PONY-W, and INNOSCIENCE), 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:

Key Components Update

• HORIZON ROBOT-W (9660.HK): Horizon Robot reports that its subsidiary Digua Robotics has launched over 100 products, including the Narwal robot vacuum cleaner, the Vita Power robot dog, and the Insta360 panoramic drone. The company collaborates with more than 100 partners and supports over 100,000 developers. It also introduced a one‑stop development platform combining a data closed loop, an embodied‑intelligence training ground, and an agent service, enabling faster algorithm development and reducing the product cycle to as little as one year.
• CATL (3750.HK): On December 28th, CATL announced that by 2026, it will widely apply sodium batteries in battery swapping, passenger vehicles, commercial vehicles, and energy storage, potentially creating a new trend of “sodium and lithium batteries shining brightly together.” The company’s products are positioned as automotive-grade start-stop batteries and power batteries, featuring high-performance targets such as an energy density of 175 Wh/kg and the ability to retain 90% of capacity even at extremely low temperatures of –40°C. Furthermore, CATL’s new sodium-ion battery has passed certification, becoming the world’s first sodium-ion battery to pass the new national standard certification.
• J&T EXPRESS-W (1519.HK): On December 25, J&T Express signed two share transfer agreements. Its subsidiary Onwing Global will acquire 36.99% of Jet Global for up to US$950 million, while another subsidiary, J&T KSA, plans to acquire 46.55% of JNT Express KSA for up to US$106 million. Before the conversion of convertible notes held by New Exploration Investment, J&T Express indirectly holds 63.81% of Jet Global and 53.45% of JNT Express KSA.
• MIDEA GROUP (300.HK): On December 18, Midea Group announced the establishment of a New Energy Business Division, with the Group’s Executive President, Wang Jianguo, personally serving as the division’s president. The new division will report directly to the group’s headquarters. This organizational upgrade marks the official elevation of the new energy business into a core strategic pillar, fully launching a three‑pronged growth model of “home appliances + new energy + healthcare”. This structural adjustment not only provides organizational support for the scaled development of the new energy business but also builds a key bridge for technological synergies and resource sharing between the healthcare and new energy sectors, laying a solid foundation for deeper integration of the group’s two major strategic tracks.
• PONY-W (2026.HK): Pony announced that its Robotaxi fleet has reached 1,159 vehicles, exceeding its original annual strategic target of 1,000 vehicles. This milestone was achieved thanks to its rapid business expansion since the third quarter. Pony’s financial performance provides a solid foundation for this expansion; the company’s total revenue in the third quarter of 2025 was RMB 181 million, a year-on-year increase of 72%, marking three consecutive quarters of revenue growth. Its robotaxi business revenue reached RMB 47.7 million, an increase of 89.5% year-on-year, of which passenger fare revenue surged by more than 200% year-on-year.

Top constituent movers in December:

Bottom constituent movers in December:

The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for December

The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 1.79% monthly decrease in December, underperforming the Hang Seng Index’s (HSI) 0.88% monthly decrease and the Hang Seng Tech Index’s (HSTI) 1.48% monthly decrease. As of December 31st, this ETF had grown 22.64% since its listing, underperforming the HSI’s rose of 42.45% and the HSTI’s rose of 47.38%.

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):