Mainland Chinese investors pulled a record 24.6 billion yuan, roughly $3.7 billion, out of China-listed ETFs tracking Hong Kong equities in a single week. That’s the largest weekly withdrawal these funds have ever recorded.
The money is moving into domestic AI and semiconductor stocks on mainland exchanges.
Five weeks of bleeding, and the pace is accelerating
The record outflow caps a fifth consecutive week of net withdrawals from Hong Kong equity ETFs. Ten of the last twelve weeks have been defined by outflows. Across all of 2025, there were only 11 weeks of outflows total.
One fund in particular illustrates the severity. The ChinaAMC ETF tracking the Hang Seng Tech Index saw approximately 1 billion yuan withdrawn in a single day in early June. The Hang Seng Tech Index was actually rising that day.
