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Hong Kong (HSI) Tech Sector Analysis

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies226
  • 7D5.6%
  • 3M4.5%
  • 1Y24.8%
  • YTD3.8%

Over the last 7 days, the Tech industry has risen 5.6%, driven by gains from Xiaomi of 5.4%. Meanwhile, MiniMax Group actually underperformed within the industry, shrinking 5.1% in the last week. In the last 12 months, the industry was up 25%. As for the next few years, earnings are expected to grow by 33% per annum.

Sector Valuation and Performance

Has the Hong Kong Tech Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026HK$4.0tHK$3.1tHK$76.6b17.8x52.3x1.3x
Thu, 19 Mar 2026HK$3.6tHK$3.0tHK$84.0b15x42.7x1.2x
Sat, 14 Feb 2026HK$3.7tHK$3.0tHK$75.4b16.1x49.2x1.2x
Mon, 12 Jan 2026HK$3.6tHK$2.9tHK$76.3b16.2x46.9x1.2x
Wed, 10 Dec 2025HK$3.4tHK$2.9tHK$76.8b16.4x44.8x1.2x
Fri, 07 Nov 2025HK$3.7tHK$2.8tHK$66.8b16.7x54.7x1.3x
Sun, 05 Oct 2025HK$4.3tHK$2.8tHK$66.8b20x64x1.5x
Tue, 02 Sep 2025HK$3.9tHK$2.8tHK$67.5b18.8x57.1x1.4x
Thu, 31 Jul 2025HK$3.4tHK$2.7tHK$55.2b17.3x61.4x1.3x
Sat, 28 Jun 2025HK$3.3tHK$2.7tHK$55.7b14.4x59.7x1.2x
Mon, 26 May 2025HK$3.1tHK$2.7tHK$45.1b13.6x68.5x1.2x
Wed, 23 Apr 2025HK$2.8tHK$2.6tHK$45.6b13.7x61.9x1.1x
Fri, 21 Mar 2025HK$3.3tHK$2.5tHK$37.1b12.7x89.6x1.3x
Sun, 16 Feb 2025HK$3.0tHK$2.4tHK$35.5b12.6x84.9x1.2x
Tue, 14 Jan 2025HK$2.3tHK$2.1tHK$14.7b11x158x1.1x
Thu, 12 Dec 2024HK$2.3tHK$2.4tHK$37.2b11.5x61.6x0.9x
Sat, 09 Nov 2024HK$2.2tHK$2.4tHK$34.6b12.2x64.8x0.9x
Mon, 07 Oct 2024HK$2.1tHK$2.4tHK$34.2b11.8x61.2x0.9x
Wed, 04 Sep 2024HK$1.6tHK$2.4tHK$34.3b9.8x46.8x0.7x
Fri, 02 Aug 2024HK$1.6tHK$2.3tHK$45.6b11.7x34.2x0.7x
Sun, 30 Jun 2024HK$1.7tHK$2.3tHK$44.7b11.9x37x0.7x
Tue, 28 May 2024HK$1.7tHK$2.3tHK$41.9b12x40.5x0.7x
Thu, 25 Apr 2024HK$1.5tHK$2.3tHK$43.6b11x34.2x0.7x
Sat, 23 Mar 2024HK$1.5tHK$2.2tHK$50.6b10.6x30.6x0.7x
Mon, 19 Feb 2024HK$1.4tHK$2.3tHK$64.3b9.4x21.3x0.6x
Wed, 17 Jan 2024HK$1.5tHK$2.3tHK$66.1b9.5x22.6x0.7x
Fri, 15 Dec 2023HK$1.6tHK$2.3tHK$66.4b9.5x23.7x0.7x
Sun, 12 Nov 2023HK$1.6tHK$2.3tHK$67.5b10.5x23.7x0.7x
Tue, 10 Oct 2023HK$1.5tHK$2.3tHK$71.0b9.9x20.7x0.6x
Thu, 07 Sep 2023HK$1.6tHK$2.3tHK$70.8b10.5x22.4x0.7x
Sat, 05 Aug 2023HK$1.6tHK$2.4tHK$81.0b10.4x19.9x0.7x
Mon, 03 Jul 2023HK$1.6tHK$2.4tHK$81.9b9.7x19.3x0.7x
Wed, 31 May 2023HK$1.6tHK$2.4tHK$83.2b8.5x18.7x0.6x
Fri, 28 Apr 2023HK$1.7tHK$2.5tHK$80.7b9x20.5x0.7x
Price to Earnings Ratio

20.5x


Total Market Cap: HK$1.7tTotal Earnings: HK$80.7bTotal Revenue: HK$2.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Tech Sector Price to Earnings3Y Average 44.5x202420252026
Current Industry PE
  • Investors are optimistic on the Hong Kong Information Technology industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 52.3x which is higher than its 3-year average PE of 44.5x.
  • The 3-year average PS ratio of 0.93x is lower than the industry's current PS ratio of 1.3x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 7.8% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

Which industries have driven the changes within the Hong Kong Tech sector?

HK Market1.70%
Tech5.59%
Software9.45%
Semiconductors6.70%
Tech Hardware6.20%
Electronic Equipment and Components5.52%
IT0.65%
Communications-1.05%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 392x.
    • Analysts are expecting annual earnings growth of 34.2%, which is higher than its past year's earnings decline of 10.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Software industry, expecting annual earnings growth of 82% over the next 5 years.
  • This is better than its past earnings decline of 7.6% per year.
  • In contrast, the Tech Hardware industry is expected to see its earnings grow by 14% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
1810 XiaomiHK$32.325.4%
+HK$41.6b		-23.0%PE17.4x
6082 Shanghai Biren TechnologyHK$49.0040.0%
+HK$34.1b		n/aPS100.6x
981 Semiconductor Manufacturing InternationalHK$59.804.6%
+HK$21.2b		30.0%PE89.3x
9903 Shanghai Iluvatar CoreX SemiconductorHK$426.0020.2%
+HK$18.2b		n/aPS91.3x
992 Lenovo GroupHK$11.2111.3%
+HK$14.1b		38.7%PE12x

Latest News

992
HK$11.21
Lenovo Group
7D
11.3%
1Y
38.7%
1347
HK$94.45
Hua Hong Semiconductor
7D
6.0%
1Y
161.3%

1347: Elevated P/E Will Be Tested At 2026 Shareholder Meetings

Analysts have lifted their price target on Hua Hong Semiconductor to about HK$39.71 from around HK$33.99, citing updated assumptions that include slightly higher revenue growth, profit margin and future P/E, along with a marginally higher discount rate. What's in the News Hua Hong Semiconductor plans to seek shareholder approval at its AGM on 14 May 2026 for amendments to its Articles of Association and adoption of a new set of Articles, which could affect how the company is governed over time (Key Developments).
981
HK$59.80
Semiconductor Manufacturing International
7D
4.6%
1Y
30.0%

981: Future P/E Reset Will Support Constructive Long Term Upside Potential

Analysts have trimmed their HK$ price target for Semiconductor Manufacturing International, citing updated assumptions that include a slightly higher discount rate, an adjusted fair value estimate and revised expectations for revenue growth, profit margin and future P/E. What's in the News Board meeting set for Mar 26, 2026, to approve publication of audited annual results for the year ended Dec 31, 2025 (Company board filing).
1810
HK$32.32
Xiaomi
7D
5.4%
1Y
-23.0%

1810: Rising Memory Costs And Auto Softness Will Pressure Future Returns

Analysts have trimmed Xiaomi's fair value estimate from about HK$30.52 to around HK$26.96, citing lower assumed revenue growth, slightly softer profit margins, and higher expected P/E multiples, as they respond to recent price target cuts and softer smartphone and auto related expectations. Analyst Commentary Recent research updates highlight a more cautious tone around Xiaomi, with attention on execution risks in both smartphones and autos, as well as pressure on earnings assumptions feeding through to valuation work.
2121
HK$4.10
AInnovation Technology Group
7D
-16.8%
1Y
18.2%
6088
HK$7.73
FIT Hon Teng
7D
-1.0%
1Y
313.4%
1888
HK$28.34
Kingboard Laminates Holdings
7D
15.4%
1Y
275.9%
6869
HK$211.00
Yangtze Optical Fibre And Cable Limited
7D
-1.8%
1Y
1,523.1%

We Think That There Are Issues Underlying Yangtze Optical Fibre And Cable Limited's (HKG:6869) Earnings

Apr 03
We Think That There Are Issues Underlying Yangtze Optical Fibre And Cable Limited's (HKG:6869) Earnings
9903
HK$426.00
Shanghai Iluvatar CoreX Semiconductor
7D
20.2%
1Y
n/a
6082
HK$49.00
Shanghai Biren Technology
7D
40.0%
1Y
n/a
2477
HK$6.96
WellCell Holdings
7D
51.7%
1Y
259.9%
3317
HK$322.60
Shenzhen Xunce Technology
7D
-10.0%
1Y
n/a
2726
HK$109.60
Epiworld International
7D
-8.1%
1Y
n/a
6657
HK$14.00
Baiwang
7D
-10.8%
1Y
-60.6%
100
HK$911.50
MiniMax Group
7D
-5.1%
1Y
n/a

Colleague Level AI Agents And Multimodal Content Will Support A Fair Long Term Outlook

Catalysts About MiniMax Group MiniMax Group develops large scale AI models and agent products across language, video, speech and music for global enterprises, developers and consumers. What are the underlying business or industry changes driving this perspective?
2706
HK$61.20
Beijing Haizhi Technology Group
7D
-3.2%
1Y
n/a