Hong Kong Connect Flows (June): AI Driven $4.6bn Inflows

Abstract: We analyzed Hong Kong Connect southbound flows for the month ended June 30th, estimating net inflows of USD 4,718 million from mainland investors into Hong Kong stocks, a reversal from USD 458 million in outflows in May. The HSCEI returned -11.8% over the same period. Information Technology led sector inflows at $9,692 million, while Consumer Discretionary recorded the largest outflows at $3,450 million. By stock, the top inflows went to Kingboard Laminates (1888 HK, $2,610m), Kingboard (148 HK, $2,571m), Smic (981 HK, $1,771m), Knowledge Atlas (2513 HK, $1,132m), and Hua Hong Semi (1347 HK, $511m). The largest outflow was from Alibaba (9988 HK, -$3,038m), followed by China Hongqiao (1378 HK, -$500m) and Xiaomi (1810 HK, -$435m). The biggest stake increases went to Estun (2715 HK, +20.5ppt) and Kingboard (148 HK, +15.6ppt), while Sf (6936 HK, -21.9ppt) recorded the sharpest stake decline.