On October 30 in the Hong Kong stock market, northbound trading recorded a net sell of HK$3.56 billion. Of that, the Shanghai Stock Connect saw a net sell of HK$2.261 billion, while the Shenzhen Stock Connect posted a net sell of HK$1.298 billion.
The stocks with the largest northbound net buying were Genscript Biotech Corp (01548), Kingboard Laminates Holdings Ltd (01888) and Z.AI (02513). The stocks with the largest northbound net selling were Semiconductor Manufacturing International Corp (00981), Alibaba Group Holding Ltd (09988) and Yangtze Optical Fibre and Cable Joint Stock Ltd Co (06869).
Most Active Stocks on Shanghai Stock Connect
Most Active Stocks on Shenzhen Stock Connect
Genscript Biotech Corp (01548) received net buying of HK$132 million. Recently, Genscript and Thermo Fisher signed a strategic cooperation memorandum. The two sides will combine Genscript's R&D capabilities in gene synthesis, antibody discovery, protein engineering and synthetic biology with Thermo Fisher's products and technologies in laboratory solutions, life science reagents, gene and protein analysis, and mass spectrometry to jointly advance the construction of the AIDD platform.
Kingboard Laminates Holdings Ltd (01888) received net buying of HK$97.33 million. China Merchants Securities said in a previous research note that this round of CCL price increases has already run for 4-5 quarters, and PCB cost pass-through has been fully opened up. Based on supply chain research, the institution forecasts that the conservative expectation for the monthly CCL price increase pace will last until June 2027, followed by consolidation at a high level, while the optimistic expectation is that it will continue until the end of 2027.
Z.AI (02513) received net buying of HK$12.29 million. CLSA research report noted that Anthropic's S-1 filing validates the economics of frontier models, showing a diversified customer base, gross margin of 85% and positive free cash flow, with revenue growing faster than computing costs; the main risk remains whether the revenue growth curve can match massive computing commitments. The bank said that for Chinese large models, computing constraints increase the value of architecture and inference innovation, while Anthropic's listing may establish a valuation anchor.
Zhongji Innolight Co Ltd (03308) and Yangtze Optical Fibre and Cable Joint Stock Ltd Co (06869) were net sold HK$34.79 million and HK$250 million, respectively. Zhongji Innolight and Eoptolink simultaneously held online investor exchange meetings, each receiving concentrated research from hundreds of institutions. The research topics of the two companies were highly overlapping, with institutions generally focusing on third-quarter profit performance, NPO product progress, overseas factory delivery, upstream chip supply, gross margin fluctuations, inventory scale, overseas trade regulation, and the short-term disruption to overseas capacity delivery from Thailand's floods.
Tencent Holdings Ltd (00700) and Alibaba Group Holding Ltd (09988) were net sold HK$206 million and HK$649 million, respectively. Liu Gang of CICC pointed out that Hong Kong stocks, especially the Hang Seng Tech Index, have recently retreated rapidly again, with the index basically returning to the starting point of the "9/24" rally in 2024 two years ago. The relatively weak household credit cycle and insufficient fiscal support for households are the fundamental reasons for the continued pressure on Hong Kong stocks; recently, overseas interest rates, volatility in AI trades and negative feedback in liquidity further amplified the correction. In addition, Industrial and Commercial Bank of China Ltd (01398) received net buying of HK$5.03 million, while CNOOC Ltd (00883) and Semiconductor Manufacturing International Corp (00981) were net sold HK$114 million and HK$998 million, respectively.
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