Abstract: We analyzed southbound Hong Kong Connect flows for the week ending May 22nd, estimating net outflows of USD 70.9 million from Hong Kong stocks by mainland investors, a reversal from inflows of USD 994.2 million the prior week, against a -3.1% return in the HSCEI over the same period. By sector, Fund (USD 2,054 million inflows), Communication Services (USD 648 million), and Information Technology (USD 529 million) led inflows, while Consumer Discretionary (USD 980 million outflows), Materials (USD 679 million), and Health Care (USD 451 million) led outflows. The largest individual inflows went to TraHK HSI ETF (USD 1,009 million), HSCEI ETF (USD 549 million), HSTECH ETF (USD 499 million), China Life (USD 465 million), and China Mobile (USD 433 million). The largest outflows were from Alibaba (USD 565 million), Geely Automobile (USD 212 million), Xiaomi (USD 181 million), Meituan (USD 169 million), and AIA (USD 168 million). Among HSCEI members, PICC P&C led inflows at 3.0% of free float, while Zto Express and Geely Automobile led outflows at -1.3% of free float each.
PICC P&C, MONTAGE TECH, TENCENT, CHINA MOBILE, China Life, SMIC
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