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Hong Kong (HSI) Tech Sector Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies218
  • 7D4.0%
  • 3M-4.7%
  • 1Y34.9%
  • YTD3.9%

Over the last 7 days, the Tech industry has risen 4.0%, driven by gains in Xiaomi and MiniMax Group of 3.9% and 27%, respectively. Meanwhile, Shanghai Iluvatar CoreX Semiconductor actually underperformed within the industry, shrinking 20% in the last week. This means that the industry has gained 35% over the past year. As for the next few years, earnings are expected to grow by 28% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 29 Jan 2026HK$3.7tHK$2.9tHK$76.3b17.9x48.7x1.3x
Sat, 27 Dec 2025HK$3.4tHK$2.9tHK$77.3b15.6x44.1x1.2x
Mon, 24 Nov 2025HK$3.2tHK$2.9tHK$76.3b15.5x42.3x1.1x
Wed, 22 Oct 2025HK$3.8tHK$2.8tHK$66.7b18.1x56.5x1.3x
Fri, 19 Sep 2025HK$4.0tHK$2.8tHK$67.4b18.7x59.7x1.4x
Sun, 17 Aug 2025HK$3.6tHK$2.7tHK$56.8b21.7x62.5x1.3x
Tue, 15 Jul 2025HK$3.4tHK$2.7tHK$55.3b16x60.7x1.2x
Thu, 12 Jun 2025HK$3.1tHK$2.7tHK$52.5b14.4x59.9x1.2x
Sat, 10 May 2025HK$3.0tHK$2.6tHK$46.1b13.2x65.9x1.2x
Mon, 07 Apr 2025HK$2.9tHK$2.6tHK$45.7b13.9x64.2x1.1x
Wed, 05 Mar 2025HK$3.1tHK$2.4tHK$34.8b12.7x90.5x1.3x
Fri, 31 Jan 2025HK$2.6tHK$2.4tHK$36.0b11.6x71.8x1.1x
Sun, 29 Dec 2024HK$2.5tHK$2.4tHK$36.0b11.5x68.5x1x
Tue, 26 Nov 2024HK$2.1tHK$2.4tHK$37.5b11.3x57.2x0.9x
Thu, 24 Oct 2024HK$2.1tHK$2.4tHK$33.7b11.9x63.2x0.9x
Sat, 21 Sep 2024HK$1.6tHK$2.4tHK$34.3b10.5x46.4x0.7x
Mon, 19 Aug 2024HK$1.6tHK$2.3tHK$40.3b11.9x39x0.7x
Wed, 17 Jul 2024HK$1.7tHK$2.3tHK$44.7b12.1x37.1x0.7x
Fri, 14 Jun 2024HK$1.7tHK$2.3tHK$42.2b12.6x40.1x0.7x
Sun, 12 May 2024HK$1.7tHK$2.2tHK$40.9b12.5x41.6x0.8x
Tue, 09 Apr 2024HK$1.5tHK$2.3tHK$44.6b11.5x33.6x0.7x
Thu, 07 Mar 2024HK$1.4tHK$2.3tHK$64.2b9.2x22.4x0.6x
Sat, 03 Feb 2024HK$1.3tHK$2.3tHK$65.7b9.3x19.1x0.6x
Mon, 01 Jan 2024HK$1.6tHK$2.3tHK$66.4b10.3x24.7x0.7x
Wed, 29 Nov 2023HK$1.6tHK$2.3tHK$66.6b11x24.8x0.7x
Fri, 27 Oct 2023HK$1.5tHK$2.3tHK$70.8b10x21.3x0.7x
Sun, 24 Sep 2023HK$1.5tHK$2.3tHK$70.7b10.5x21.2x0.7x
Tue, 22 Aug 2023HK$1.5tHK$2.3tHK$76.2b10.6x19.6x0.6x
Thu, 20 Jul 2023HK$1.6tHK$2.4tHK$81.8b9.8x19.3x0.7x
Sat, 17 Jun 2023HK$1.7tHK$2.4tHK$82.9b8.9x20.1x0.7x
Mon, 15 May 2023HK$1.6tHK$2.5tHK$80.2b8.6x19.8x0.6x
Wed, 12 Apr 2023HK$1.8tHK$2.5tHK$81.3b9.5x22.2x0.7x
Fri, 10 Mar 2023HK$1.7tHK$2.5tHK$74.5b9x23.5x0.7x
Sun, 05 Feb 2023HK$1.9tHK$2.6tHK$76.5b8.8x25x0.7x
Price to Earnings Ratio

25x


Total Market Cap: HK$1.9tTotal Earnings: HK$76.5bTotal Revenue: HK$2.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Hong Kong Tech Sector Price to Earnings3Y Average 42.8x202420252026
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 48.7x which is higher than its 3-year average PE of 42.8x.
  • The 3-year average PS ratio of 0.90x 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 3.9% 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 Market4.26%
Tech4.01%
Communications15.89%
Semiconductors5.30%
IT2.87%
Tech Hardware2.81%
Electronic Equipment and Components1.61%
Software1.22%
Industry PE
  • Investors are most optimistic about the IT industry which is trading above its 3-year average PE ratio of 41.1x.
    • Analysts are expecting annual earnings growth of 30.2%, which is higher than its past year's earnings growth of 4.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Software industry, expecting annual earnings growth of 53% over the next 5 years.
  • This is better than its past earnings growth rate of 30% 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$36.623.9%
+HK$35.7b		-4.4%PE19.1x
100 MiniMax GroupHK$500.0026.6%
+HK$32.5b		n/aPS307.1x
6869 Yangtze Optical Fibre And Cable LimitedHK$78.4050.6%
+HK$21.7b		379.2%PE100.1x
1347 Hua Hong SemiconductorHK$116.206.4%
+HK$12.2b		408.5%PE2115.6x
2513 Knowledge Atlas TechnologyHK$227.0012.0%
+HK$10.7b		n/aPS194x

Latest News

1347
HK$116.20
Hua Hong Semiconductor
7D
6.4%
1Y
408.5%
268
HK$14.03
Kingdee International Software Group
7D
-3.4%
1Y
36.5%

268: Lower Discount Rate And Return To Profitability Will Support Higher Multiples

Analysts have nudged their implied price target for Kingdee International Software Group slightly higher to about HK$19.25, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News The company issued earnings guidance for the year ended 31 December 2025, with total revenue expected in a range of RMB 6,950 million to RMB 7,050 million (Key Developments).
2498
HK$34.06
Robosense Technology
7D
-11.5%
1Y
3.7%

2498: Future Profit Margins And P/E Reset Will Shape Fairly Balanced Outlook

Analysts have raised their price target for Robosense Technology to US$38.76 from US$38.27, reflecting updated assumptions that include stronger revenue expectations, improved profit margins, a slightly revised discount rate, and a lower projected future P/E multiple. What's in the News Robosense Technology has scheduled a board meeting for November 25, 2025, to review the Group's third quarterly results for the nine months ended September 30, 2025, and to approve their publication (Key Developments).
9678
HK$392.60
Unisound AI Technology
7D
72.8%
1Y
n/a
981
HK$77.25
Semiconductor Manufacturing International
7D
-0.8%
1Y
103.3%

981: Flat Revenue Outlook And Stable Margins Will Support Fair Balance

Analysts have made a modest upward adjustment to their price target for Semiconductor Manufacturing International, reflecting fine tuned views on fair value, discount rate, growth, profit margin and future P/E assumptions. What's in the News Issued earnings guidance for fourth quarter 2025, with management indicating revenue is expected to be flat to up 2% quarter on quarter (Key Developments).
992
HK$9.05
Lenovo Group
7D
4.7%
1Y
-2.6%

992: Memory Super Cycle Risks Will Temper AI Hardware Ambitions

Analysts have trimmed their price targets for Lenovo Group to around HK$9.50 to HK$10.20. This reflects lower fair value estimates and expectations for softer revenue growth and margins as rising memory costs and potential component shortages weigh on the hardware outlook.
1810
HK$36.62
Xiaomi
7D
3.9%
1Y
-4.4%

1810: Crypto And Electric Vehicle Push Will Drive Future Upside Potential

Analysts have made a small upward adjustment to their fair value estimate for Xiaomi to HK$79.45 from about HK$78.87, reflecting updated assumptions on revenue growth, discount rate and future P/E, alongside mixed recent Street views that include a reduced smartphone focused target and a more optimistic call on the company's electric vehicle potential. Analyst Commentary Bullish analysts are focusing on how Xiaomi's mix of smartphones, internet of things and electric vehicles could support the updated fair value estimate, even as some nearer term headwinds are flagged in recent research.
6869
HK$78.40
Yangtze Optical Fibre And Cable Limited
7D
50.6%
1Y
379.2%
2513
HK$227.00
Knowledge Atlas Technology
7D
12.0%
1Y
n/a
100
HK$500.00
MiniMax Group
7D
26.6%
1Y
n/a
9903
HK$171.20
Shanghai Iluvatar CoreX Semiconductor
7D
-20.4%
1Y
n/a
6082
HK$35.20
Shanghai Biren Technology
7D
-4.6%
1Y
n/a
2577
HK$59.40
InnoScience (Suzhou) Technology Holding
7D
-9.3%
1Y
51.7%
6651
HK$95.30
Beijing 51World Digital Twin Technology
7D
18.8%
1Y
n/a
9660
HK$8.39
Horizon Robotics
7D
-5.6%
1Y
86.4%
2718
HK$256.80
Mininglamp Technology
7D
-9.4%
1Y
n/a