Abstract: We analyzed southbound Hong Kong Connect flows for the week ending May 15th, estimating net outflows of USD 792.3 million from Hong Kong stocks by mainland investors, against a 1.7% return of the HSCEI over the same period. These outflows were 664.1% higher than the USD 103.7 million outflows recorded two weeks prior, representing the second consecutive week of net selling. By sector, Financials led inflows at USD 608 million and Energy added USD 304 million, while Consumer Discretionary saw the largest outflows at USD 466 million, followed by Materials at USD 276 million. The largest individual outflow was Tencent (700 HK) at USD 573 million, followed by Meituan (3690 HK) at USD 324 million, Zijin Mining (2899 HK) at USD 211 million, Hua Hong Semiconductor (1347 HK) at USD 210 million, and Xiaomi (1810 HK) at USD 206 million. On the inflow side, China Mobile (941 HK) led at USD 329 million, followed by PICC P&C (2328 HK) at USD 256 million, Kuaishou (1024 HK) at USD 237 million, Petrochina (857 HK) at USD 227 million, and Ping An Insurance (2318 HK) at USD 200 million.
PING AN INSURANCE, SMIC, CHINA MOBILE, Kuaishou, PETROCHINA, PICC P&C
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