Mainland Chinese investors are piling into the Hong Kong stock market at record volumes as its tech-heavy Hang Seng Index trades around three-year highs.

Mainland Chinese investors are taking positions in Hong Kong’s stock market, injecting billions into the city’s equities and reducing their valuation discount to onshore counterparts. Investors are seemingly looking towards the special Asian administration’s markets to lessen the effects of an impending trade war between China and the US.

Asian equities were mixed but mostly lower overnight as the Philippines and Japan outperformed while Thailand and Hong Kong underperformed.