Chinese equities reversed early losses on Monday, with the Shanghai Composite Index finishing 0.66% higher, the Shenzhen Component up 0.46% and the ChiNext gaining 0.5%. The Hang Seng and Hang Seng Tech gauges in Hong Kong also clawed back to positive territory, the technology benchmark adding more than 1% as chipmakers Hua Hong Semiconductor and SMIC rose about 6% and 3%, respectively. Trading activity on the mainland remained brisk: turnover on the Shanghai and Shenzhen exchanges topped 1 trillion yuan for a 48th straight session, underscoring persistent retail participation despite recent volatility. Mainland investors, however, continued to pare their exposure to Hong Kong–listed shares, offloading a net HK$15 billion through the southbound leg of Stock Connect. Even so, dip-buyers onshore steered a record amount of cash into exchange-traded funds that track the Hong Kong market, signalling diverging strategies between direct stock sales and broader ETF accumulation.