The reporting on Southbound Stock Connect ownership of $Alibaba(BABA)$ $BABA-W(09988)$ is a little funky.
As of 9/13 (Friday) the ownership was 141.96m shares.
China's markets were closed on 9/16 and 9/17 for the Mid Autumn Festival. So, no Stock Connect trading.
But on 9/16 the ownership jumped to 184.05m shares.
Then on 9/17, it jumped again to 199.78m shares.
How could ownership increase when the Stock Connect was halted due to the holiday?
If there's a lag in reporting cross-border purchases, then the first four days of Alibaba's inclusion effectively saw mainland investors scooping up 50m shares, on average, per day.
That's equivalent to 46% of the average daily trading volume in Hong Kong for the first four days.
Mainland participation in the Stock Connect for Alibaba is stronger than we thought.
No wonder the initial 142m shares only reflected on 9/12 - two days after they started in the Stock Connect.
So demand is clearly stronger than initially thought due to delay in data.
https://x.com/BrianTycangco/status/1836347985497853997
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