On April 13th, the Hong Kong stock market saw a net inflow of HK$2.249 billion from northbound capital. Specifically, the Shanghai-Hong Kong Stock Connect recorded a net purchase of HK$4.266 billion, while the Shenzhen-Hong Kong Stock Connect saw a net outflow of HK$2.017 billion.
The stocks receiving the highest net purchases from northbound capital were Xiaomi Group-W (01810), CNOOC (00883), and SMIC (00981). Conversely, the stocks with the largest net sales were Tencent (00700), YOFC (06869), and Alibaba-W (09988).
Among actively traded stocks, Xiaomi Group-W (01810) attracted a net purchase of HK$272 million. This follows the company's announcement of price increases for some of its smartphone models, effective from April 11th. Xiaomi's president had previously noted that the current round of memory price hikes has far exceeded expectations, with prices for similar memory versions surging nearly fourfold compared to the first quarter of last year.
CNOOC (00883) received a net inflow of HK$218 million. Market sentiment was influenced by the unsuccessful peace talks between the US and Iran over the weekend, alongside the US President's announcement of a blockade of the Strait of Hormuz. Morgan Stanley maintained its spot Brent crude price forecast, projecting $110 per barrel for Q2 2026, $100 for Q3 2026, and stabilization around $80 by 2027.
SMIC (00981) and Xunce (03317) saw net purchases of HK$106 million and HK$81.86 million, respectively. In a recent research report, Morgan Stanley suggested that the market may be underestimating the explosive potential and depth of the AI revolution. The report highlighted that top-tier large language models are undergoing "non-linear capability leaps," but this explosive growth is coinciding with systemic supply bottlenecks, predicting a long-term and widening gap in global computing power and electricity demand.
Guotai Junan International (01788) experienced a net sell-off of HK$68.58 million. This movement comes after HSBC and Standard Chartered received Hong Kong stablecoin licenses. The Chief Executive of the Hong Kong Monetary Authority stated that the authority will maintain communication with unsuccessful applicants and remain open yet cautious regarding future license issuance, emphasizing that the licensing threshold is high and the total number of licenses will remain "very limited."
YOFC (06869) was sold off to the tune of HK$207 million. This follows market rumors attributing a recent correction in the optical fiber sector to delays in operator collective procurement, potentially impacting company revenues. However, the company clarified that no official collective procurement notice has been issued, therefore no delay exists, and information should be based on official announcements.
Tencent (00700) faced significant net selling of HK$1.688 billion. Daiwa Capital Markets revised down its revenue forecast for Tencent's first-quarter domestic games, citing a shorter revenue recognition window due to the later 2026 Spring Festival and a high base from the same period last year. However, data from SensorTower indicated a sequential increase of approximately 12% in domestic game gross merchandise volume. Daiwa expects game revenue growth to re-accelerate in the second quarter as timing effects subside and new games contribute.
Additionally, Meituan-W (03690) received a net purchase of HK$60 million, while Alibaba-W (09988) and Shandong Molong (00568) saw net sales of HK$117 million and HK$10.49 million, respectively.
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