Mainland Chinese investors poured a record 27 billion yuan ($3.8 billion) into exchange-traded funds tracking Hong Kong stocks in early August, taking advantage of a pullback in the city’s equity market to rebuild positions. The move represents the largest single-period allocation to Hong Kong-focused ETFs since the cross-border products were introduced, according to trading data cited in market reports. The surge in dip-buying comes as performance between the two markets diverges. Hong Kong benchmarks have lagged mainland gauges, which are poised to end the week at a 10-month high. Strong domestic inflows have lifted the combined market capitalisation of the Shanghai and Shenzhen stock exchanges toward $13.9 trillion. Robust demand is visible beyond equities: China’s convertible-bond market has climbed to its highest level in a decade, underscoring broader investor appetite for Chinese assets despite lingering volatility in global markets.