Abstract: We analyzed southbound Hong Kong Connect flows for the week ending April 10th, estimating total net outflows of USD 2,504.0 million from Hong Kong stocks by mainland investors, a reversal from inflows of USD 361.6 million the prior week, against a 3.6% return of the HSCEI over the same period. Sector outflows were led by Funds (USD 1,327 million), Information Technology (USD 691 million), and Financials (USD 392 million), while Consumer Discretionary (USD 159 million), Health Care (USD 52 million), and Materials (USD 44 million) attracted net buying. The largest outflows by dollar amount were CNOOC (USD 599 million, -1.17% of float), TraHK HSI ETF (USD 467 million), YOFC (USD 315 million, -2.91% of float), AIA (USD 225 million), and China Life (USD 189 million). Top inflows were led by Tencent (USD 177 million), Alibaba (USD 146 million), 3Sbio (USD 123 million, +2.04% of float), Zijin Gold Intl (USD 107 million), and Kuaishou (USD 96 million). Among mid-cap stocks, Fujian Haixi Pharmaceutica-H saw the largest inflow relative to float at 5.7%, while Xiaomi recorded outflows of USD 169 million (-0.22% of float) in the broader market.
ALIBABA, 3SBIO, Kuaishou, CHINA MOBILE, Zijin Gold Intl
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