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Zhang Shidong

Chinese mainland investors rotated into Hong Kong stocks tied to artificial intelligence and pulled out of companies in traditional industries in August, taking advantage of a market dip to boost bets on the world’s most cutting-edge technology.
AI model developer MiniMax Group logged net buying of HK$10.1 billion (US$1.29 billion) last month, the most among the Hong Kong-listed companies available for China’s onshore investors through southbound trading within the cross-border Stock Connect scheme, according to financial data provider Wind.
Alibaba Group Holding and Tencent Holdings, the Chinese hyperscalers that have ramped up AI adoption, ranked second and third, attracting buying of HK$7.86 billion and HK$6.72 billion, respectively. Alibaba owns the South China Morning Post.
Hua Hong Grace Semiconductor, China Construction Bank, China Life Insurance and Industrial and Commercial Bank of China (ICBC) were among those that bore the brunt of selling, the data showed.
The shift underscored the appeal of Chinese technology stocks trading in Hong Kong after the latest results from chipmaker Nvidia indicated that demand for AI infrastructure remained robust in spite of rising funding costs.
The Hang Seng Tech Index dropped 4.3 per cent last month, offering a dip-buying opportunity to mainland traders, who currently account for about 30 per cent of stock transactions in the city.


Yangtze Optical Fibre and Cable Joint Stock, MiniMax’s rival Z.ai, Semiconductor Manufacturing International Corp and Xiaomi were also among mainland investors’ most favoured stocks, luring inflows ranging from HK$1.6 billion to HK$3.2 billion, according to the Wind data.
Meanwhile, Hua Hong led the list of most-sold stocks, as China’s onshore traders let go of HK$3 billion worth of shares last month. Meituan, the biggest on-demand delivery firm in China, came second with net selling of HK$2 billion amid stiff competition in the food delivery segment.
China Construction Bank, China Life and ICBC saw outflows ranging from HK$579 million to HK$1.03 billion, the data showed. Pop Mart International, the maker of the popular Labubu toys and other collectibles, suffered net selling of HK$600 million, as its latest results showed slowing sales.
Sector-wise, information technology attracted the most net buying at HK$21.8 billion, while financial firms were the least favoured, with an outflow of HK$15.4 billion.
Mainland investors poured a total of HK$10.4 billion into Hong Kong stocks in August for a third consecutive month of net buying. However, buying momentum moderated from the previous month’s inflow of HK$62.9 billion.
Hong Kong stocks could trade sideways in a narrow range in the near future, as the market contended with China’s deployment of fiscal spending, a scheduled summit between President Xi Jinping and US President Donald Trump and a decision on interest rates from the US Federal Reserve expected later this month, according to CGS International.


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Net buying surges for third straight month as AI pivot benefits MiniMax, Alibaba and Tencent, while investors eschew traditional industries


Net buying surges for third straight month as AI pivot benefits MiniMax, Alibaba and Tencent, while investors eschew traditional industries.


Mainland Chinese investors buy Hong Kong tech stocks in AI pivot, sell financials

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Net buying surges for third straight month as AI pivot benefits MiniMax, Alibaba and Tencent, while investors eschew traditional industries

Net buying surges for third straight month as AI pivot benefits MiniMax, Alibaba and Tencent, while investors eschew traditional industries