On October 21 in the Hong Kong stock market, northbound trading recorded a net sell-off of HK$4.435 billion. Of this, the Shanghai Stock Connect saw a net sell-off of HK$2.298 billion, while the Shenzhen Stock Connect recorded a net sell-off of HK$2.137 billion.
The stocks with the largest net buying by northbound funds were YOFC (06869), CNOOC (00883), and GENSCRIPT B-1K (01548). The stocks with the largest net selling were Tencent (00700), CHINA MOBILE (00941), and Alibaba-W (09988).
YOFC (06869) received net buying of HK$252 million. According to the latest communications industry research from TrendForce, as AI data centers, cross-data center interconnections, and high-capacity backbone network construction drive up fiber optic demand, the global fiber supply-demand gap is estimated to reach 180 million fiber kilometers by 2026, and the supply tightening will push spot prices of finished fiber products up by 2.8 to over 5 times year-on-year.
CNOOC (00883) received net buying of HK$172 million. Ping An Securities noted that significant uncertainty remains around the US-Iran conflict, the geopolitical deadlock is unresolved, and the security situation in the Strait of Hormuz is deteriorating, raising the probability of a new round of US military strikes against Iran. The Yemen situation is escalating in a spiral, with the Saudi-led coalition conducting frequent airstrikes on multiple locations in Yemen, while Houthi forces continue to attack airports and oil facilities inside Saudi Arabia. A short-term easing of the Yemen situation is unlikely, and therefore we believe geopolitical risks still provide strong support for international oil prices at this stage.
GENSCRIPT B-1K (01548) received net buying of HK$23.68 million. GENSCRIPT B-1K recently announced that Legend Biotech disclosed that CARVYKTI's net trade sales in Q3 were approximately US$710 million. Looking at the quarterly trend, the product's sales were US$597 million in Q1, US$657 million in Q2, and further climbed to US$710 million in Q3, showing continuous quarter-on-quarter volume growth.
CHINA MOBILE (00941) suffered a net sell-off of HK$1.033 billion. Citi released a research report stating that CHINA MOBILE's Q3 2026 results slightly missed expectations. The company's Q3 revenue was RMB 242.3 billion, down 3.4% year-on-year, 1.0% below the bank's estimate and 2.4% below market consensus; net profit was RMB 27.3 billion, down 12.4% year-on-year, 3.2% and 5.9% below the bank's and market expectations respectively.
Tencent (00700) suffered a net sell-off of HK$1.705 billion. Haitong Securities released a research report forecasting that Tencent's Q3 adjusted operating profit will decline 5% year-on-year. The bank noted that AI remains Tencent's strategic investment priority, and short-term depreciation will continue to weigh on financial performance, but Tencent prefers disciplined deployment rather than automatically accelerating spending quarter by quarter. The bank slightly lowered its target price by 2% to HK$470 to reflect the downward revision in earnings per share forecasts, maintaining an "Outperform" rating.
In addition, Kingboard Laminates (01888) received net buying of HK$16.23 million. Meanwhile, Alibaba-W (09988) and SMIC (00981) suffered net sell-offs of HK$878 million and HK$713 million respectively.
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