On August 27, the Hong Kong stock market witnessed net southbound capital inflows of HK$3.18 billion. The Shanghai-Hong Kong Stock Connect recorded net purchases of HK$1.575 billion, while the Shenzhen-Hong Kong Stock Connect saw net purchases of HK$1.605 billion.
The stocks attracting the most significant net buying from southbound investors included MINIMAX-W (00100), Xiaomi Group-W (01810), and Tencent (00700). Conversely, the top net selling targets were GigaDevice (03986), Kingboard Laminates (01888), and Alibaba-W (09988).
MINIMAX-W (00100) recorded net inflows of HK$877 million. The company reported interim results showing a 283.1% year-on-year revenue surge to approximately US$120 million for the first half, already reaching 1.5 times its full-year 2025 revenue target in just six months. Notably, B-end revenue skyrocketed by 703.1% year-on-year to US$73.9 million, establishing itself as the company's primary revenue stream. During the earnings call, management disclosed that August's Annual Recurring Revenue (ARR) had surpassed US$800 million, with Q2 revenue growing 81.8% quarter-over-quarter. July token consumption reached 20 times January's level, and B-end business now contributes over 80% of total ARR.
Xiaomi Group-W (01810) attracted net purchases of HK$491 million. On August 26, Xiaomi's overseas automotive website and social media accounts went live, featuring an English-language platform showcasing the brand's story, core achievements, global R&D footprint, and manufacturing capabilities. The site prominently notes "Officially coming to Europe in 2027," signaling accelerated globalization of Xiaomi's EV division.
Tencent (00700) saw net inflows of HK$447 million, while Alibaba-W (09988) experienced net selling of HK$14.99 million. JPMorgan suggested the market has overreacted to Alibaba's share placement. The bank believes Alibaba's AI investment cycle may extend longer than anticipated, though the economic returns on related computing power remain compelling. It noted substantial differences in financing risks among the three major cloud providers. JPMorgan maintains "Overweight" ratings on Alibaba, Tencent, and Baidu, recommending investors accumulate Alibaba shares ahead of September quarterly results.
Hua Hong Semiconductor (01347) and SMIC (00981) each received net inflows of HK$338 million. Shengang Securities noted that mature process nodes currently benefit from favorable pricing competition amid capacity expansion and demand spillover, supporting steady gross margin improvements. The foundry industry's better-than-expected results and optimistic guidance reflect robust downstream demand for AI computing power, storage, power management, and analog semiconductors. Domestic foundry leaders stand to gain from the cyclical upswing driven by demand overflow, with import substitution and profitability enhancement likely to persist.
Cambridge Industries (06166) and Yangtze Optical Fibre and Cable (06869) recorded net inflows of HK$90.74 million and HK$23.34 million, respectively. Nvidia's strong earnings ignited the optical communications sector. Globally, AI computing infrastructure construction continues accelerating into H1 2026, with cloud giants' capital expenditures climbing to new highs, ushering in a super-cycle of simultaneous volume and price increases for high-speed optical modules. With 800G products entering volume delivery, 1.6T solutions accelerating commercial deployment, and 3.2T technology undergoing frontier iteration, domestic optical module supply chain companies posted impressive first-half results.
Meanwhile, Kingboard Laminates (01888) and GigaDevice (03986) faced net selling of HK$64.21 million and HK$215 million, respectively.
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