The Big Four's performance diverges after results! Who is the real winner in AI?
AI boom lifts Asia-Pacific stock markets close to historical highs, Hang Seng Tech Index surges nearly 3%
I. Current Market: AI frenzy sweeps through the Asia-Pacific region, tech stocks break historical highs
On May 4, 2026, driven by better-than-expected earnings reports from global tech giants and renewed enthusiasm for artificial intelligence trading, Asia-Pacific stock markets surged significantly. The MSCI Asia-Pacific Stock Index rose 1.9% in a single day, nearing its historical peak. Among them:
• The South Korean KOSPI index soared 4%, hitting a record high. SK Hynix, the leader in AI storage, saw its market capitalization exceed 1 quadrillion Korean won for the first time, with its stock price rising nearly 9% in one day; Samsung Electronics surged 3.85%, with its Q1 operating profit increasing 756% year-on-year.
(Data source: Investing, May 4, 2026)
• Hong Kong Hang Seng Tech Index $Hang Seng TECH Index (800700.HK)$ Surged nearly 3%. $XIAOMI-W (01810.HK)$ Rose nearly 9%, $BIDU-SW (09888.HK)$ Increased over 4%, $SMIC (00981.HK)$ Rose 3%.
(Data Source: Investing, May 4, 2026)
(Data Source: Investing, May 4, 2026)
• The Taiwan Weighted Stock Index rose by an expanded 4.5%, hitting another all-time high.
Meanwhile, the US S&P 500 and Nasdaq 100 indexes closed at record highs last Friday as tech giants continued to exceed earnings expectations: Alphabet's net profit increased by 81% year-on-year, Amazon by 77%, and Meta by 61%.
2. China AMC Hang Seng Tech Index ETF (3088.HK / 9088.HK / 83088.HK): Covers representative companies in Hong Kong's tech sector
This ETF closely tracks the Hang Seng Tech Index, with constituent stocks covering large-scale technology companies in the Hong Kong stock market, some of which are related to AI computing power, large models, and application scenarios.
Constituent stocks and weights:
(Data Source: China AMC (HK), as of April 30, 2026)
This ETF covers leading companies in the Hong Kong stock market related to AI computing power, applications, and internet services, making it suitable for investors looking to gain broad exposure to Hong Kong's tech sector.
3. China AMC Hong Kong-US AI ETF (3140.HK / 9140.**40.HK): Cross-border exposure to core AI assets in Hong Kong and the US
This ETF tracks the Solactive Hong Kong-US AI 50 Select Index, covering AI-related companies in both the Hong Kong and US markets. The index construction employs a scientific regional weighting allocation (62% Hong Kong, 38% US) and establishes strict individual stock weight caps (8% for Hong Kong stocks, 5% for US stocks) to effectively diversify single-market and individual stock risks.
Portfolio distribution and features:
Hong Kong stock portion (~62%): Includes $BYD Company Limited (002594.SZ)$ （8.66%）、 $Alibaba (BABA.US)$ (7.69%), Xiaomi Group $XIAOMI-W (01810.HK)$ （7.09%）、 $TENCENT (00700.HK)$ (6.81%) etc.
US stock portion (~38%): Includes $NVIDIA (NVDA.US)$ （5.52%）、 $Apple (AAPL.US)$ （5.09%）、 $Microsoft (MSFT.US)$ （5.15%）、 $Amazon (AMZN.US)$ (5.09%), Alphabet (4.04%), etc.
3140 HK simultaneously holds major US AI tech stocks like NVIDIA, Microsoft, and Apple, as well as leading Hong Kong-listed AI application companies such as BYD, Tencent, Alibaba, and Xiaomi. On May 4, 2026, when the Hang Seng Tech Index surged nearly 3%, Xiaomi in its portfolio rose 9%, Baidu gained 4%, and SMIC increased by 3%. Its holdings, including NVIDIA and Broadcom, have directly benefited from the explosive growth in global demand for memory chips and computing power. (DRAM prices soared over 90% quarterly.)
Data source: China AMC (HK), as of April 29, 2026
This ETF provides deep coverage of the three key segments of the AI industry chain: at the hardware foundation level, focusing on AI infrastructure; at the software hub level, locking onto the core bridge connecting computing power with applications; and at the application dynamism level, targeting AI application segments with explosive growth potential. Compared to technology indices that only cover Hong Kong stocks, this product increases allocation to major US-listed AI companies, offering more diversified geographic and industry chain exposure.
• $ChinaAMC Hang Seng TECH Index ETF (03088.HK)$$ChinaAMC Hang Seng TECH Index ETF (09088.HK)$$ChinaAMC Hang Seng TECH Index ETF (83088.HK)$ : Suitable for investors focusing on overall opportunities in the Hong Kong-listed technology sector
•$ChinaAMC HK-US AI ETF (03140.HK)$$ChinaAMC HK-US AI ETF (09140.HK)$$ChinaAMC HK-US AI ETF (83140.HK)$ : Provides a cross-market AI-themed allocation tool spanning Hong Kong and US markets
$SSE Composite Index (000001.SH)$$CSI 300 Index (000300.SH)$$NVIDIA (NVDA.US)$$Amazon (AMZN.US)$$Alphabet-C (GOOG.US)$$Meta Platforms (META.US)$$Tesla (TSLA.US)$$HSTECH (LIST91332.HK)$$Hang Seng Index (800000.HK)$$SSE 50 Index (000016.SH)$$CSI 300 Index (000300.SH)$$CSI 1000 Index (000852.SH)$$SSE Science and Technology Innovation Board 50 Index (000688.SH)$$ChinaAMC CSI 300 Index ETF (03188.HK)$$SSE Composite Index (000001.SH)$$XIAOMI-W (01810.HK)$$JD.com (JD.US)$$TENCENT (00700.HK)$$Shenzhen Component Index (399001.SZ)$$Kweichow Moutai (600519.SH)$$Contemporary Amperex Technology (300750.SZ)$$PING AN (02318.HK)$$Alibaba (BABA.US)$$ICBC (01398.HK)$$CHINA MOBILE (00941.HK)$
Report date: May 4, 2026
Investing involves risks, including the loss of principal. Past performance is not indicative of future results. Before investing in the China AMC (HK) Hong Kong-US Artificial Intelligence ETF ('this Fund'), investors should refer to the fund prospectus and product data summary, including a thorough review of risk factors. You should not solely rely on this information when making investment decisions. Please note:
• The Fund’s investment objective is to provide investment returns (before fees and expenses) that closely track the performance of the Solactive Hong Kong-US Artificial Intelligence 50 Select Index NTR (the “Index”).
• The Fund invests in equity securities and is subject to investment risk and stock market risk; the value of the Fund may fluctuate due to various factors.
• This fund faces concentration risk due to its focus on selected regions (Hong Kong and the US) and investments in companies listed on the Hong Kong Stock Exchange with significant operations in mainland China. The volatility of this fund may be higher than funds with broader coverage. Its value may be more susceptible to adverse economic, political, foreign exchange, liquidity, tax, legal, or regulatory events in Hong Kong and the US, as well as unfavorable changes in the political, economic, and social conditions of mainland China.
• This fund is exposed to thematic concentration risks in the technology and artificial intelligence industries, including sector concentration risk, technology and AI theme risks (e.g., high computational demands, potential bias in AI outputs, cybersecurity vulnerabilities, regulatory challenges, shorter operating history, intense competition, government intervention), price volatility risk (especially for companies with relatively small market capitalization and limited operating history), overvaluation risk (e.g., unsustainable abnormally high valuations, inflated valuations due to investor over-optimism and speculative behavior followed by sharp corrections, and share prices of companies with limited public float being more prone to manipulation), intellectual property and cybersecurity risks (e.g., loss or damage to intellectual property or licenses), and market and regulatory risks.
• The index is a newly established index. This fund may carry more risks compared to other exchange-traded funds that track more mature indices with longer operating histories.
• This fund faces securities lending transaction risks, including the risk that borrowers may fail to return the securities on time or even fail to return them at all.
• This fund is passively managed. A decline in the index may lead to a corresponding decrease in the value of this fund. The fund involves tracking error risk, multi-counter risk, currency risk, trading risk, and trade discrepancy risk.
• The base currency of this fund is Hong Kong Dollar (HKD), but it may invest in securities not denominated in HKD, and the fund has units traded in Renminbi (RMB) and US Dollar (USD), thus exposing it to foreign exchange fluctuations. The RMB is currently not freely convertible and is subject to foreign exchange controls and restrictions.
Investment involves risks, including the loss of principal. Past performance is not indicative of future results. Before investing in the China AMC Hang Seng Tech Index ETF ("this fund"), investors should refer to the fund prospectus, paying particular attention to the risk factors. You should not rely solely on this material to make investment decisions. Please note:
• The investment objective of this fund is to provide investment returns that closely track the performance of the Hang Seng Tech Index ("the Index") (before fees and expenses).
• This fund is passively managed; the fund manager will not have discretionary power to adapt to market changes. A decline in the index is expected to result in a corresponding decrease in the value of this fund.
• Investing in equity securities exposes the fund to general market risks. Its value may fluctuate due to various factors.
• Since the index is newly established, this fund may face higher risks compared to other funds tracking indices with longer operating histories.
• This fund tracks companies within the technology sector and a single region (i.e., Greater China), thus facing concentration risk, with volatility likely exceeding that of funds covering broader regions.
• Companies in the technology sector tend to exhibit relatively higher price volatility compared to those in other sectors.
• This fund may be exposed to risks associated with different technological fields and themes. A downturn in the businesses of companies in these industries or themes could adversely affect this fund.
• This fund is subject to tracking error risk. Tracking errors may arise from the investment strategy employed as well as fees and expenses incurred.
• If cross-counter transfers of fund units between two counters are suspended, and/or due to any limitations in the level of service provided by securities brokers and Central Clearing System participants, unitholders will only be able to trade their fund units on one counter, which may lead to investors being unable to trade or experiencing delays. The market prices of fund units traded on each counter may deviate significantly.
Generally speaking, retail investors can only buy and sell units of this fund on the Hong Kong Stock Exchange, and the trading price of the fund units on the Hong Kong Stock Exchange is influenced by market factors such as the supply and demand for the fund units. Therefore, the trading price of the fund units may be at a significant premium or discount to the net asset value of this fund.
Data source
1. Asia-Pacific stock market performance (MSCI Asia-Pacific Index, Korea KOSPI, Hang Seng Tech Index, Taiwan Weighted Index, etc.), Wall Street News, May 4, 2026, https://wallstreetcn.com/articles/3771519
2. Price increases of DRAM and NAND flash memory (Q1), TrendForce, cited from Investing.com, April 30, 2026, https://hk.investing.com/news/stock-market-news/article-1439723
3. Holdings distribution of Hong Kong-US Artificial Intelligence ETF: China AMC official website, as of April 30, 2026 | https://www.chinaamc.com.hk/zh-hant/product/chinaamc-hk-us-ai-etf-3140/
Investment involves risks, including the possible loss of principal. Any forecasts, outlooks, or opinions contained herein are provided for your reference only and are not guaranteed to be achieved. The information herein reflects market conditions and our views as of the date of issuance, which may change without prior notice. This material is issued by China AMC (HK). This document has not been reviewed by the Securities and Futures Commission of Hong Kong. For complete details and risks regarding the mentioned funds, please refer to our official website and prospectus.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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