Mainland China’s ChiNext Index has nearly doubled over the past year to an
11-year high, while Hong Kong’s Hang Seng Tech Index has fallen about 4%. Fund
manager Xiadong Bao said ChiNext’s outperformance reflects stronger earnings
visibility from AI hardware and energy-related companies, making them more
attractive to investors seeking predictable growth. Gavekal Capital's Leonid
Mironov said optical and AI hardware success is supported by strong earnings
growth but noted ChiNext is top-heavy. Analysts at BNP Paribas Asset Management
highlighted improved macro liquidity and AI-driven structural growth in China
tech, while noting Hang Seng Tech remains more exposed to consumption recovery
and competition pressures, with weaker earnings expectations.
