The study looked at how different models can predict stock market volatility in Hong Kong. By breaking down volatility into short-term and long-term components, the Component-GARCH model was found to be better at forecasting long-term volatility compared to traditional models. While the regular GARCH model was slightly better at predicting short-term volatility, the Component-GARCH model was more accurate for longer time periods. This means that the Component-GARCH model can help investors make better decisions about the future performance of stocks in Hong Kong.