Hang Seng Tech is in a bear market. Can I add to my position? February 4, 2026 Market Sentiment

(1) Account Profit and Loss

First, to update new friends on my account situation: I have a total of 3【Main Investment Accounts】, namely the ETF account, a certain fund account, and a portfolio account.

Because the net value updates for the portfolio account are slower, I only track the gains and losses of the ETF account and the fund account on weekdays; when I publish the【Weekly Report】every Saturday, I will consolidate the performance of all three accounts.

(1) ETF Account

Profit of 12,000 today (assets of 2.6 million);

(2) Fund Account

Estimated profit of 4,000 today (assets of 5.5 million);

Total profit of the two accounts is 16,000, with a profit and loss ratio of 0.2%

On Monday, a loss of 250,000; Tuesday, a profit of 102,000; Wednesday, a profit of 16,000; this week still has a loss of 132,000.

My only hope now is that I don’t lose money this week.

(2) What’s really going on with Hang Seng Tech, and is it still worth adding positions?

Hang Seng Tech dropped another 1.84% today, with a cumulative decline of over 20% since early October last year. Based on this decline, it has entered a technical bear market.

Next, Borg will talk about: “What’s really going on with Hang Seng Tech, and is it still worth adding positions?”

(1) Not suitable for chasing the rally

Looking at the trend of Hang Seng Tech over the past two years, every time it hits a new high, there is a significant pullback. For example, the “924 Market” in 2024, the AI rally at the beginning of 2025, and the Q3 2025 rally—all saw Hang Seng Tech experience substantial corrections after reaching new highs.

Most of those who chased and bought Hang Seng Tech in Q3 last year are now at a loss. Even someone as wise as Borg, who increased holdings during the sideways period in June last year, is now starting to lose money.

Conclusion: The experience of holding Hang Seng Tech over the past year has been really poor.

(2) Valuation advantage is significant

The latest P/E ratio of Hang Seng Tech is 22.87, which is at the 28.75% percentile since listing, still considered undervalued.

The valuation of A-shares tech stocks has already reached a high point in nearly ten years. In comparison, Hang Seng Tech’s valuation advantage is quite evident.

In recent years, Hang Seng Tech has had bad luck: first, the “food delivery war” caused profits of JD.com, Alibaba, and Meituan to plummet—these are core components of Hang Seng Tech; then, rumors of “tax hikes” caused Tencent’s stock price to plunge, and Tencent is arguably the largest component of Hang Seng Tech.

As a result, Hang Seng Tech has continued to decline, hitting a nearly one-year low.

(3) Worth doing some swing trading

Borg’s Hang Seng Tech fund holdings exceed 1 million, and the recent pullback has left me somewhat helpless.

Based on the current valuation, Borg still thinks Hang Seng Tech is worth adding or holding. Since the position is already quite heavy, Borg will not increase it further. If Hang Seng Tech hits a new high in the future, I will definitely reduce the position.

Looking back now, Hang Seng Tech is quite suitable for swing trading. Moreover, a poor holding experience recently doesn’t mean the future will be bad. For example, defense and military stocks also had a poor experience but have recently started to rise steadily.

(3) Market Temperature

A-shares today at 70.63 degrees, up 1.2 degrees from the previous trading day;

Hong Kong stocks today at 51.09 degrees, up 0.6 degrees from the previous trading day;

How are everyone’s gains and losses today? Let’s chat and support each other~

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