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# Shanghai Composite Rises 0.91% on Oct 28, 2026 as Tech Stocks Rebound
- URL: https://bullquill.com/china-hong-kong-stocks-daily-brief-2026-10-28/
- Published: 2026-10-28T09:33:31.000Z
- Updated: 2026-10-28T09:33:31.000Z
- Description: Chip, robotics and optical-component shares led a broad rebound in mainland China after SK Hynix's blowout quarter, while Hong Kong's gains were narrower as Standard Chartered rallied on results.
- Author: Rowan Ashby
- Tags: Markets, Daily Brief, China & Hong Kong, Shanghai Composite, Hang Seng Index, CSI 300, SK Hynix, People's Bank of China, #lang-en, #tr-china-hong-kong-stocks-daily-brief-2026-10-28

## Key takeaways

- The Shanghai Composite rose 33.17 points, or 0.91%, to 3,681.47 on Wednesday, October 28, 2026, snapping a two-day losing streak as chip and robotics shares rebounded, according to Yahoo Finance data and IBTimes Australia.
- Growth boards led the recovery: the Shenzhen Component gained 2.02% to 11,473.18 and the ChiNext index jumped 3.40% to 2,634.76\. The blue-chip CSI 300 added 0.85% to 4,083.87.
- In Hong Kong, the Hang Seng Index edged up 53.51 points, or 0.23%, to 23,094.83, while the Hang Seng Tech Index climbed 1.40% to 3,853.72, per Yahoo Finance and The Standard.
- The rally followed SK Hynix's report of a more than sevenfold rise in quarterly operating profit, which lifted AI-linked shares across Asia, Reuters reported via Business Recorder.
- The People's Bank of China (PBOC) set the yuan midpoint at 6.7165 per dollar, slightly firmer than Tuesday's 6.7171 and 431 pips weaker than a Reuters estimate, according to Reuters via Business Recorder.

## Session recap

Chinese and Hong Kong stocks bounced on Wednesday after Tuesday's broad selloff, with technology names doing most of the lifting. For the regional picture, see [Asian and global markets today](https://bullquill.com/markets/). The gains reversed part of the slide described in [our October 27 China & Hong Kong brief](https://bullquill.com/china-hong-kong-stocks-daily-brief-2026-10-27/), when the Shanghai Composite fell 1.33% and closed at its low of the day.

__China and Hong Kong benchmarks, October 28, 2026__
| Instrument            | Close/Level | Change  | % change | As of (UTC)      | Source                                      |
| --------------------- | ----------- | ------- | -------- | ---------------- | ------------------------------------------- |
| Shanghai Composite    | 3,681.47    | +33.17  | +0.91%   | 2026-10-28 07:00 | Yahoo Finance; IBTimes Australia            |
| Shenzhen Component    | 11,473.18   | +227.45 | +2.02%   | 2026-10-28 07:00 | Yahoo Finance; The Standard                 |
| ChiNext               | 2,634.76    | +86.61  | +3.40%   | 2026-10-28 07:00 | Yahoo Finance; IBTimes Australia            |
| CSI 300               | 4,083.87    | +34.32  | +0.85%   | 2026-10-28 07:00 | Yahoo Finance; MarketScreener               |
| Hang Seng Index       | 23,094.83   | +53.51  | +0.23%   | 2026-10-28 08:10 | Yahoo Finance; The Standard                 |
| Hang Seng Tech        | 3,853.72    | +53.29  | +1.40%   | 2026-10-28 08:10 | Yahoo Finance; The Standard                 |
| USD/CNY PBOC midpoint | 6.7165      | −0.0006 | −0.01%   | 2026-10-28 01:15 | Reuters via Business Recorder; Tradingpedia |

Changes are calculated from Tuesday's closes: Shanghai 3,648.30, Shenzhen 11,245.73, ChiNext 2,548.15, CSI 300 4,049.55, Hang Seng 23,041.32 and Hang Seng Tech 3,800.43 (Yahoo Finance). A lower midpoint means a stronger yuan fixing. A full-day Stock Connect southbound figure for October 28 was not available from a verifiable source at the time of writing.

The Shanghai Composite traded between 3,652.37 and 3,684.49 and finished near the top of its range, according to Yahoo Finance. Market breadth flipped: more than 4,100 stocks rose across the Shanghai and Shenzhen exchanges, after more than 4,900 fell on Tuesday, and combined turnover was about 1.63 trillion yuan, roughly 167.5 billion yuan more than the previous session, IBTimes Australia reported. In Hong Kong, the Hang Seng moved between 23,023.04 and 23,157.40 (Yahoo Finance), and market turnover was HK$181.4 billion, according to The Standard.

## What drove it

### SK Hynix results revived the AI hardware trade

The main trigger came from South Korea. SK Hynix reported a more than sevenfold rise in quarterly operating profit, and AI-linked stocks across the region rallied in response, Reuters reported via Business Recorder. By the midday break, A-share robotics stocks were up 5.2%, chipmakers 4.5% and 5G communications names 3.8%, while a Hong Kong index tracking AI-related firms had risen more than 5%, the same Reuters report said. The move echoed gains in Seoul, covered in [our KOSPI report on SK Hynix's record quarter](https://bullquill.com/kospi-rises-sk-hynix-record-q3-profit/).

That sector mix explains the gap between indices. ChiNext and the Shenzhen Component carry heavy weights in technology and hardware makers, so they gained two to four times as much as the Shanghai Composite, which leans toward banks and state-owned firms. Shanghai's STAR50 board rose more than 2%, according to IBTimes Australia, after having fallen about 40% from its July peak, a drop the outlet said Reuters estimated had wiped out roughly $480 billion in market value.

### Individual movers

Unitree Technology, the robot maker, surged 12% ahead of its first quarterly result since its Shanghai listing, Reuters reported via Business Recorder. Optical-component suppliers Zhongji Innolight and JPT rose more than 10% and 16%, respectively, according to IBTimes Australia. On the losing side, liquor stocks fell on worsening sales: Wuliangye lost 5.7% after its third-quarter profit dropped 48%, Reuters reported.

### State-backed buying in the background

Analysts also pointed to official support. Richard Tang, head equity research analyst for Asia at Julius Baer, said the "so-called national team of state-backed funds has clearly stepped up its purchase of A-shares in recent sessions," according to Reuters via Business Recorder. Such buying is not announced in advance, so its timing and size cannot be confirmed from public data.

### Hong Kong: banks and tech

The Hang Seng's gain was narrower than the mainland's. The Hang Seng Tech Index rose 1.40% on the tech rebound, while Standard Chartered jumped 7.4% after it raised its full-year targets following better-than-expected third-quarter results, The Standard reported. Investing.com said the bank's third-quarter pre-tax profit was US$2.25 billion, about 7.7% above the US$2.09 billion analysts expected, and that it lifted 2026 income growth guidance to above 7%. The rebound came a day after HSBC's results disappointed investors, Investing.com noted.

### Currency steady before the Fed

The onshore yuan traded at 6.6675 per dollar at 03:22 GMT, 0.01% weaker, close to the four-year high of 6.6660 set in the previous session, Reuters reported via Business Recorder. The PBOC's 6.7165 midpoint was 431 pips weaker than the Reuters estimate, the report said, continuing a pattern in which the central bank sets fixings that slow the yuan's climb. The yuan is up 4.9% so far this year, according to the same report. MUFG analysts said in a note quoted by Reuters: "With little (Fed) policy surprise anticipated, markets will turn to the guidance."

## Political & policy watch

- **Fifth plenum:** The Communist Party's Central Committee meeting in Beijing is scheduled to run from October 26 to 29, Reuters reported in September. Investors are watching for policy signals after the meeting, which focuses on party governance, IBTimes Australia reported. No closing communiqué had been published by Wednesday's close.
- **Liquidity backstop:** The PBOC said this week it plans a swap facility to provide emergency liquidity to non-bank financial institutions facing large redemptions, according to IBTimes Australia.
- **Technology restrictions:** The recent tech selloff has been tied to stretched valuations, doubts about AI demand and the threat of foreign restrictions on Chinese technology equipment, IBTimes Australia reported.
- **Exchange-rate management:** The gap between the official fixing and market estimates remained above 400 pips on Wednesday, per Reuters via Business Recorder. The fixing sets the centre of the yuan's 2% daily trading band.

## What to watch next

- **October 28 (Washington; early October 29 in Asia):** US Federal Reserve policy decision at the end of its October 27–28 meeting (Federal Reserve calendar). Hong Kong's dollar peg links local rates closely to the Fed. Background: [our explainer on the Fed's October meeting](https://bullquill.com/fed-october-meeting-rate-hike-debate-explained/).
- **October 29:** scheduled final day of the Communist Party's fifth plenum; a communiqué usually follows.
- **October 30:** Bank of Japan policy decision, which IBTimes Australia flagged among this week's regional catalysts.
- **October 31, 01:30 UTC:** China's official October manufacturing and non-manufacturing PMIs (NBS release calendar).
- **November 9, 01:30 UTC:** China's October CPI and PPI (NBS).

## Risk checklist for readers

- **Rebounds after steep falls.** A one-day bounce after a long decline does not by itself mean a trend has changed; some analysts still describe valuations as high.
- **External triggers.** Chinese tech shares reacted to a Korean company's earnings; results from overseas chipmakers and US tech firms can move local indices.
- **Index composition matters.** ChiNext and the Shenzhen Component are tech-heavy and can move several times more than the Shanghai Composite in either direction.
- **Policy support is hard to track.** State-backed fund purchases are not disclosed in real time, so their effect on prices is difficult to measure.
- **Central bank meetings.** Fed and Bank of Japan decisions this week can shift currencies and global risk appetite.
- **Currency effects.** The onshore yuan may trade up to 2% either side of the PBOC midpoint, which changes returns for overseas investors.
- **Check final figures.** Vendor data can differ slightly; exchange and index-provider releases are the reference for final values.

## Frequently asked questions

### Why is the Shanghai Composite up today?

On October 28, 2026 the Shanghai Composite rose 0.91% to 3,681.47 as chip, robotics and 5G stocks rebounded after SK Hynix reported a more than sevenfold rise in quarterly operating profit, according to Reuters via Business Recorder. A Julius Baer analyst also said state-backed funds had stepped up A-share purchases.

### What is the 'national team' in China's stock market?

It is the informal name for state-backed funds and institutions that buy Chinese shares, often through exchange-traded funds, to steady the market during sharp declines. Their purchases are not announced in real time.

### What is the PBOC yuan midpoint?

Each trading morning the People's Bank of China sets a central parity rate for the yuan against the dollar. The onshore yuan may trade up to 2% above or below that midpoint during the day, so the fixing signals the central bank's preferred direction.

This article is for information only and is not investment advice.