Hong Kong Daily Briefing

Shein has officially opened its order book for the HKEX listing, targeting a $27 billion valuation per FinanceAsia — a major test of the market's appetite for large fast-fashion IPOs in a rising-rates environment. The timing is aggressive given the simultaneous Unitree and Alibaba capital raises, meaning three large issues are competing for the same institutional cash pool. If Shein prices at the low end of its range, it signals the IPO window is narrower than management hoped and could dampen follow-on issuance from Chinese consumer companies through Q4.

China's AI infrastructure buildout is now hitting HKEX as a capital supply event: Unitree's robotics IPO and Alibaba's $10.2 billion secondary issuance arrived on the same day, per FinanceAsia, absorbing liquidity that might otherwise have supported broader market breadth. Southbound Stock Connect flows will determine whether mainland institutional money fills the buy-side gap — if Southbound flows exceed HK$2bn, it suggests mainland funds are treating the concurrent supply as a strategic accumulation opportunity rather than a sell signal.

SK Hynix, the world's leading HBM memory supplier, launched a record $28.7 billion share repurchase programme, according to FinanceAsia — the largest in Korean corporate history. For HK-listed semis and cross-listed tech names, this is a significant confidence signal: the HBM cycle is generating enough cash for SK Hynix to return capital at scale while continuing to invest. Watch for spillover bid in TSMC's HK-listed entity and Samsung-adjacent supply chain names as investors rotate into the HBM beneficiary cluster.