On May 13, the Hong Kong stock market saw a net outflow of 6.771 billion HKD from southbound capital via Stock Connect. Specifically, the Shanghai-Hong Kong Stock Connect recorded a net inflow of 498 million HKD, while the Shenzhen-Hong Kong Stock Connect recorded a net outflow of 7.27 billion HKD. The stocks receiving the largest net inflows from southbound capital were POP MART (09992) and INNOSCIENCE (02577). The stocks with the largest net outflows were BABA-W (09988), Changfei Optical Fiber & Cable (06869), and TENCENT (00700). POP MART (09992) attracted a net inflow of 472 million HKD. The company announced that its total revenue for the first quarter increased by 75% to 80% year-over-year. INNOSCIENCE (02577) received a net inflow of 16.87 million HKD. The power semiconductor market is experiencing a new wave of price increases. INNOSCIENCE is the world's first IDM manufacturer to achieve mass production of 8-inch silicon-based gallium nitride wafers and has grown to become the global leader in GaN power semiconductor shipments and revenue share. Chip stocks faced selling pressure. Montage Technology (06809), SMIC (00981), and Huahong Semiconductor (041347) saw net outflows of 30.48 million HKD, 186 million HKD, and 223 million HKD, respectively. It was reported that NVIDIA CEO Jensen Huang, as a last-minute addition to the delegation, boarded the US presidential aircraft "Air Force One" on May 13 to travel to China with President Trump's visit. NVIDIA has officially confirmed this news. CNOOC (00883) experienced a net outflow of 224 million HKD. A report noted that Brent crude futures have consistently failed to break through their post-Russia-Ukraine conflict 2022 peak, citing two primary factors: a US increase in crude exports by 3.8 million barrels per day and a Chinese reduction in crude imports by 5.5 million barrels per day, which together have shielded other global regions from approximately 9.3 million barrels per day of supply pressure. BABA-W (09988) saw a significant net outflow of 1.426 billion HKD. After the market close, the company released its fourth-quarter results, reporting revenue of 243.38 billion RMB, a 3% year-over-year increase, with market expectations at 246.507 billion RMB. Adjusted net profit was 86 million RMB, compared to 29.847 billion RMB in the same period last year. Net profit was 23.502 billion RMB, a 96% year-over-year increase. Adjusted EBITDA was 16.44 billion RMB, a 61% year-over-year decrease. Additionally, TENCENT (00700) and Changfei Optical Fiber & Cable (06869) recorded net outflows of 45.24 million HKD and 58.08 million HKD, respectively.
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