I’ve seen a lot of arbitrary market classifications, but throwing gold miners, aviation tech monopolies, and inverse ETFs into the same bucket is a new level of ridiculousness. This is stupid and here's why: you can’t force a macro narrative onto a random assortment of Hong Kong leftovers. But the truth is, sometimes looking at the bottom of the drawer tells you exactly who is building real businesses and who is just taking up space. Let’s separate the operators from the sleepwalkers.

If you want real businesses, start with Shandong Gold (1787.HK). The state-owned mining giant isn't relying on flashy tech promises; as of 2026, they’re busy building big data platforms for actual metal mines. Hard assets and real cash flow are what matter here. Then there is TravelSky Technology (0696.HK). They essentially own the plumbing for China's aviation booking system. With early 2025 system processing volumes up nearly 5%, they are just sitting back and collecting tolls on every ticket. Another one showing signs of life is the biopharma player Alphamab Oncology (6915.HK). After managing a massive 84% revenue spike and turning a profit in the first half of 2025, they recently scored a breakthrough therapy designation in mid-2026 for their breast cancer drug KN026—exactly the kind of catalyst this cash-burning industry needs.

Then we have the pure market mood rings. CSOP A50 ETF (2822.HK) remains the default middle-of-the-road vehicle for anyone trying to capture Chinese blue chips, even if it has suffered recent pullbacks. On the flip side, if you want to gamble against the house, the CSOP HSCEI Daily (-2x) Inverse Product (7588.HK) is right there for you. It’s highly volatile and definitely not for long-term holders. Good luck with that.

As for the rest? It’s a masterclass in stagnation. China Wantian (1854.HK) is pivoting away from broad expansion to focus on experiential retail in its F&B segment while issuing 2026 notices delaying lease terminations. Translation: they expanded too fast and now need to cut costs. Meanwhile, real estate player Hang Lung Properties (0101.HK), insurance behemoth China Life (2628.HK), and absolute ghosts like Zhongsheng Union (3332.HK) and China Netcom Technology (8071.HK) are sitting in utter silence. Why aren't you moving faster? In a market that ruthlessly punishes complacency, radio silence isn't a strategy—it's a liability.

My view is simple: reward the companies that actually do something. Ignore the placeholders.

This article does not constitute investment advice.