On December 23, the Hong Kong stock market recorded a net northbound capital inflow of HK$611 million. Specifically, the Shanghai-Hong Kong Stock Connect saw a net outflow of HK$582 million, while the Shenzhen-Hong Kong Stock Connect registered a net inflow of HK$1.193 billion.
The top net buying targets were BABA-W (09988), Meituan-W (03690), and ZIJIN MINING (02899). Conversely, China Mobile (00941), Tencent (00700), and SMIC (00981) faced the largest net sell-offs.
BABA-W (09988) received a net inflow of HK$1.359 billion. Notably, DingTalk, Alibaba’s workplace collaboration platform, launched Agent OS—the world’s first AI-powered operating system for work—at an event in Hangzhou. DingTalk CEO Chen Hang stated that all future AI agents on the platform will operate via Agent OS, bridging AI with the physical world.
ZIJIN MINING (02899) attracted a net inflow of HK$111 million. Macquarie upgraded its price target for the stock by 75% to HK$40, maintaining an "Outperform" rating, citing revised copper production guidance for its Kamoa-Kakula project. Output is now projected at 380,000–420,000 metric tons in 2026 and 500,000–540,000 metric tons in 2027, alleviating earlier concerns about operational disruptions.
CSPC Pharmaceutical (01093) saw a net inflow of HK$94.97 million after announcing that its self-developed SYH2085 tablets—a novel oral small-molecule drug targeting influenza virus RNA polymerase—received approval from China’s NMPA for clinical trials in adults and adolescents aged 12+.
Ganfeng Lithium (01772) gained a net inflow of HK$12.85 million. The China Nonferrous Metals Industry Association reported rising lithium carbonate futures prices in November 2025, with optimistic market expectations following improved Q3 earnings from lithium producers.
SMIC (00981) faced a net outflow of HK$141 million. The stock came under pressure after reports that the U.S. would allow Nvidia to export its H200 AI chips to "approved clients," including China, with the U.S. government taking a 25% cut. East China Securities noted this could accelerate China’s AI model training but may challenge domestic AI chipmakers in the short term.
Meituan-W (03690) and CNOOC (00883) saw net inflows of HK$223 million and HK$32.4 million, respectively. Meanwhile, China Mobile (00941), Tencent (00700), and Yangtze Optical Fiber (06869) recorded net outflows of HK$1.975 billion, HK$1.088 billion, and HK$36.29 million, respectively.
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