Mainland Chinese investors channelled a record 27 billion yuan (about US$3.8 billion) into exchange-traded funds tracking Hong Kong equities as valuations slipped in early August, according to trading data cited by market services. The surge, which eclipsed previous single-day highs, underscores a growing dip-buying appetite even as the broader Hang Seng Index remains under pressure. The inflows coincide with signs of tentative foreign interest returning to the market. EPFR data show a net US$4.29 million moving into Hong Kong stocks and U.S.-listed Chinese ADRs during the week of 24–30 July, ending 41 straight weeks of outflows. Separately, the Hong Kong Monetary Authority bought HK$6.429 billion (US$820 million) worth of local dollars on 4 August to defend the currency’s peg to the U.S. dollar, its third intervention in a week. The renewed action highlights persistent downward pressure on the Hong Kong dollar even as equity inflows pick up.