HK
MUL - Lyxor Hong Kong (HSI) UCITS ETF - Dist
stock NYSE

So recently SIG has become very popular in HK region...when i say popular i mean VERY popular. As a person who is interested into the quant industry. I started applying to there assessments and trust me i did well but never got a response. due to that i just mass applied into the SIG portal making different emails and fake emails to get the assessments so much so i now know most of the questiosn and there answers.

Recently i applied to there discovery program again but never got any return offer did they blacklisted me. plus how does blacklisting works do they blacklist the person or the email??

https://preview.redd.it/qz9nui4a4anh1.png?width=1206&format=png&auto=webp&s=d72cf1a0a3124116fc366bccaed4e7449ca1cd12

Looks like without subsidy.. the price war ends for food delivery
But and the big but.. will customer stay or Meituan regains it back.
From price action (3690.HK), Meituan seems to be winning back customers.
[https://www.bloomberg.com/news/articles/2026-09-02/meituan-s-500-estimate-surge-may-revive-china-delivery-stocks](https://www.bloomberg.com/news/articles/2026-09-02/meituan-s-500-estimate-surge-may-revive-china-delivery-stocks)
**Takeaways by Bloomberg AI**
* The impact of China's intense food-delivery price competition is fading more quickly than expected, removing a major drag on sector stocks.
* Meituan, Alibaba Group Holding Ltd., and JD.com Inc. have seen improving profit outlooks as customer discounts eased in the June quarter, with Meituan clawing back profits and Alibaba and JD.com narrowing losses.
* Earnings estimates are rising rapidly for the companies, with Meituan's estimates up more than 500% from this year's low, and analysts expect a significant earnings improvement for all three companies in the second half.

當信息披露跟不上案件進度：從創想三維（03388.HK)美國專利案說起

Issue are Chinese stocks in general. They all suck 95% of them I’m down on any HK name possible.
While US Japan, Canada stocks always up

I have a small position in Futu. I researched Tiger too (familiar with their numbers till Q1 2026 not Q2) but passed because of primarily in order of importance:
\- Anaemic net new funded account growth
\- Ultra low blended commission take rate which has been on a consistent downward trend. It was like 2.6 bps last year iirc. Compared to Futu which was 7.2 bps last year although it came down to 5.23 bps this quarter due to surging US trading compared to HK which has a fixed rate so that compresses the blended commission rate.
\- This one is hard to quantify but Futu's performance in the 2022 bear market was pretty impressive. TCA and other metrics were actually positive (albeit flat). Tiger and IBKR's TCA dropped like 18 and 20ish % respectively iirc. I think some of it has to do with the fact that Futu's customers are much less leveraged than Tiger and IBKRs. What that means is that while margin + securities lending + options etc. is higher margin (honestly a bit perplexed by the SBL business tbh) and hence both IBKR and Tiger recovered faster and might do better in bull markets, Futu fell less in all metrics in 2022 because their clients consistenly have lower margin balances (and this has been on a downward trajectory for quite some time) and use less leverage. In fact from their annual reports you can even calculate things like new funded accounts using margin etc. All of the metrics basically point to less margin for Futu which is not necessarily a bad thing.
\- Lack of divdend or share buyback history (I think they did their first $50 million buyback a few months back)
Also I would note that the spectacular results for Futu (I didnt look at Tiger) this quarter is mostly due to mark to market gains in TCA and the cyclicality. Look at how most semis peaked exactly around June 28-30... Q3 will be worse.

Every investment could be lost but I also have a IBKR account in case I need to transfer the shares to HK if delisted. Shall see. But hoping that’s not the case since it is 31% of my portfolio!

AXG just announced a strategic MOU between AlloyX HK and EvolveQ to explore the integration of **AI, quantum computing and high-performance computing for financial infrastructure**.
This is interesting because it goes well beyond simply adding “AI” to the story.
The collaboration is targeting a next-generation AI wealth management platform with a unified API and millisecond-level intelligent routing, while also looking at AI-powered risk intelligence, client analytics, agent-driven payments and KYA compliance.
Then there is the quantum side.
EvolveQ brings its FinQ platform, which is designed to coordinate quantum, HPC and AI/GPU resources and turn complex financial problems into executable computational workflows. The goal is to apply that to things like **cross-asset and portfolio optimization and advanced trading strategies**.
What I like about this is the potential infrastructure angle.
AXG already has AXG Digital, KOVAR AI, KOVAR Cloud and KOVAR Router, alongside its AGENPAY and KOVAR KYA initiatives. All listed on their website so i wont break down all of them here. Now they are exploring how those capabilities can connect with quantum computing and heterogeneous high-performance infrastructure.
If this develops beyond the MOU stage, AXG could be positioned across several of the most interesting infrastructure trends in finance:
• AI computing
• HPC infrastructure
• Agentic payments
• AI-powered financial analytics
• Digital assets
• Quantum optimization
• Institutional financial infrastructure
I think the strategic direction is becoming increasingly interesting.
The bigger thesis for me is that financial infrastructure is moving toward a world where **AI agents, digital assets, high-performance computing and eventually quantum computing all have to work together**.
AXG is building into that convergence rather than just participate in one piece of it.
I’m bullish on the direction.

HK shares can still be tied to a VIE structure, and many of them are, although I think a lot of the VIE fears are a bit overblown. There are a lot of other, better places to look for value than china though, imho.

Haha, not AI, no. AI won't be so specific about the recommendations.

Just want to put some coherent info out there as we have so few HK based bogleheads and no Hong Kong personal finance subreddit :(

I would suggest to look at the r/singaporefi sub which has some similarities to HK (specifically with respect to Zero Capital Gains Tax + benefits of UCITS ETFs for taxation purposes). Of course, HK has an advantage over Singapore from an investment POV when it comes to the HKD being pegged to USD within a 1% range.
Specifically, look at the Singapore-focused [semi-detailed 2025 guide which suggests popular ETFs](https://www.reddit.com/r/singaporefi/comments/1mu8b2v/a_semidetailed_2025_guide_to_financial/) . Based on this, I would recommend 100% [VWRA](https://www.justetf.com/en/etf-profile.html?isin=IE00BK5BQT80) over an 85% VHVG, 15% VFEG asset allocation, since you'll achieve a similar asset allocation in the end with similar fees (0.14% TER) while gaining the advantage of automatic rebalancing within the ETF without any efforts on your part. Besides, you'll save on transaction fees at Interactive Brokers too.
Also, since you mentioned that you're still building your emergency fund, I would also recommend you to do the following if you haven't done so yet:
**Emergency Funds**
Keep the emergency fund in [VDST](https://www.vanguard.co.uk/professional/product/etf/bond/9933/us-treasury-0-1-year-bond-ucits-etf-usd-accumulating) or similar Short Term Bond ETFs for high liquidity. HK banks usually give 2-3% interest even for Time Deposits or Mortgage Linked accounts, so the 3.9% yield with VDST is a great deal at the moment
**Insurance**
* If you haven't done so yet, sort out your insurance. Get VHRS Term Medical Insurance, e.g. [Bowtie Pink](https://www.bowtie.com.hk/en/insurance/vhis/bowtie-pink-v2) or [AIA SelectWise](https://www.aia.com.hk/en/products/health/vhis-select-wise) which can give you around HK$8-12 million per year + HK$40-60 million per lifetime coverage. This hedges against long delays in the HK public medical system.
* Also get Term Life Insurance if you have dependents, again [Bowtie](https://www.bowtie.com.hk/en/insurance/term-life-v2) is a good deal as it allows up to HK$20 million Term Life Insurance coverage at minimal fees. This hedges against loss of long-term income for your family.
* You can optionally consider Term Critical Illness (CI) Insurance too, e.g. [Bowtie](https://www.bowtie.com.hk/en/insurance/critical-illness) or [AIA SimpleCare Essense](https://www.aia.com.hk/en/products/health/simple-care-essence) . This is to hedge against loss of income for 6 to 12 months if you get a critical illness like cancer/stroke etc.

**MPF**
* [HSBC ValueChoice](https://www.hsbc.com.hk/mpf/funds/) series of funds (specifically North America + Europe + Asia Pacific Equity Tracker Funds) give you good worldwide equity exposure at relatively low fees (as low as you can get with MPF). The Core Accumulation Fund has lower fees and uses the FTSE MPF All-World Index but it also has a 60-40 stock-bond mix which may not be what you want.
* If you haven't done so, consolidate your personal contributions to an MPF provider of your choice. Using the [Employee Choice Arrangement](https://www.mpfa.org.hk/en/mpf-system/mpf-account-management/transferring-mpf), you can transfer the personal part of your MPF contributions once a year too.

877m market and 544m cash is the number that is not getting enough air. That is about 62 cents of cash per dollar of market. China was 15 percent of revenue and 10 percent of funded accounts, with a 60m penalty and a wind-down order. Peer FUTU took the same headline and has almost fully recovered, while TIGR is still about 20 percent down.
The ask is whether this is a China trap or a global broker with a one-time haircut. Cash covers a large share of the market on its own, so the China exit has to destroy a lot of the remaining franchise before the equity is empty. The usable check is what HK/SG/AU/NZ/US funded accounts and revenue do over the next two reported quarters without China. If those lines keep growing while cash stays near half a billion, the 20 percent drawdown is mostly the China print, not a broken broker.
I would not lean on 2028 multiple expansion until those ex-China numbers show up. The cash and the peer recovery are the two facts that change the ask today.

HK shares are still VIEs what are you talking about?

UP fintech holding inc. $tigr is a singapore based, nasdaq listed brokerage firm which trades at $877m with $544m cash on hand, 8.3x TTM earnings, more like 5 on a forward basis. Just got sacked from chinese market - stock down 20% since (although it's peer, $futu recieved the same headline and has recovered all but 3.7%) being dealt $60m in penalties and told to wind down chinese operations (10% of funded accounts, 15% revenue). Majority of the business and growth is from HK/SG, with AU/NZ and US also growing extremely strongly although smaller segments.
Basic thesis is that a flood of cashflow over next few years warrants either multiple expansion (10-15x 2028 EPS easily gives $15-20) and company has capacity for significant buybacks along the way, which also serves as some downside protection as the company has sparingly made use of it's currently open $50m 12mo scheme - utilizing just $5m worth in the last 3 months. I actually think that this can be totally re-evaluated as it becomes a truly \*global\* and \*western\* fintech operator rather than a chinese value trap, the current growth rate could easily warrant multiple expansion into the 20s, or 30s if this paradigm shifts.

fwiw I am a satisfied user of the platform and currently long 1000 commons at $4.97.

Why are people always talking about ADRs and VIEs? just buy the HK shares

Interactive Brokers in HK - How do I link stuff and log in to non-passkey devices? Nothing seems to work.

wtf are we nuking in HK. Previously, we all pumped in HK and dumped in the US session and now it seems to be in reverse! But for real XPEV, LI and NIO are hitting new fresh 52 week lows .. if 3.8 doesn’t hold then it’s 3.5 and then it’s 3.2.. again fml for wasting time, energy and money on this POS