On April 20, mainland investors recorded a net sell-off of HK$3.909 billion in Hong Kong stocks. The Shanghai-Hong Kong Stock Connect saw net purchases of HK$911 million, while the Shenzhen-Hong Kong Stock Connect recorded net sales of HK$4.82 billion. The top net buys were CCB (00939), POP MART (09992), and CNOOC (00883). The most heavily sold stocks were the Tracker Fund (02800), the CSOP Hang Seng Tech ETF (03033), and Tencent (00700).
CCB attracted net purchases of HK$572 million. Citigroup initiated a 30-day positive catalyst watch on the bank, forecasting better-than-expected first-quarter results. The bank projected a 9% year-on-year revenue growth and 3.5% profit growth, citing a 7.5% increase in loans, a 6-basis-point expansion in net interest margin to 1.35%, strong fee income, and stable asset quality. Citigroup maintained a "buy" rating with a target price of HK$9.88.
POP MART received net inflows of HK$409 million. Goldman Sachs reported that the company’s two new IP collaborations with Sanrio and FIFA sold out quickly online in March, indicating robust demand. Prominent investor Duan Yongping also announced he had begun selling put options on the stock, expressing strong excitement about the opportunity.
CNOOC saw net buying of HK$354 million. J.P. Morgan noted that the global crude supply deficit has widened to 15–16 million barrels per day, with inventories declining by 265 million barrels. The bank suggested that falling prices are primarily due to demand destruction, citing European refining margins dropping to -$15.3 per barrel. It warned that OECD crude stocks may approach operational lows around May 15, raising the risk of heightened price volatility.
YOFC (06869) gained net purchases of HK$202 million. This year, the domestic optical fiber sector has experienced a rare boom with both volume and prices rising. Some fiber varieties have seen prices surge 650% year-on-year, and leading companies have reported several-fold increases in production and sales, with orders extending into the first quarter of next year. Guosheng Securities described the price increase as a “supply-demand gap-driven rally” fueled by AI data centers and military drone demand, signaling a shift from a buyer's to a seller's market.
Hua Hong Semiconductor (01347) and SMIC (00981) attracted net buys of HK$165 million and HK$134 million, respectively. Reports indicated that UMC has notified customers of a planned wafer price increase in the second half of 2026. Earlier, another major foundry, Nexchip, had announced a 10% price hike effective June.
Hong Kong ETFs faced heavy selling. The Tracker Fund and the CSOP Hang Seng Tech ETF saw net outflows of HK$3.477 billion and HK$1.11 billion, respectively. Over the weekend, Middle East tensions eased rapidly. Huatai Securities noted that although the situation remains volatile, risk appetite has recovered, suggesting a reduced focus on news-driven trading. It expects market fluctuations but sees a low probability of revisiting previous lows.
In other movements, Alibaba-W (09988) saw modest net buying of HK$17.19 million, while Tencent recorded net sales of HK$51.36 million.
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