On October 14 in the Hong Kong stock market, southbound trading recorded a net sell of HK$135 million. Among this, the Shanghai Stock Connect recorded a net sell of HK$8.1 million, while the Shenzhen Stock Connect recorded a net sell of HK$5.4 million.
The stocks with the largest net buying by southbound funds were Alibaba-W (09988), Akeso Biopharma (09926), and Meituan-W (03690). The stocks with the largest net selling were SMIC (00981), Yangtze Optical Fibre and Cable (06869), and Kingboard Laminates (01888).
Alibaba-W (09988) received a net buy of HK$1.189 billion. According to multiple media reports, Alibaba's Qwen Personal Agent "Qwen Go!" is about to be released. Based on shares from some users who have already obtained testing access, Qwen Go can help users handle flight delay claims, apply for shopping price protection refunds, inquire about and book car maintenance, and reserve sports venues, further expanding the scope of personal AI assistant services.
Akeso Biopharma (09926) received a net buy of HK$772 million. Akeso Biopharma announced a proposed placement of 20 million new shares, representing 2.13% of the enlarged share capital. The net proceeds from the placement amount to RMB 1.941 billion, which will be mainly used for: 85% for global and China innovative R&D pipelines, platforms, and global and China R&D platform construction, 5% for commercialization of existing approved products, and 10% for general corporate purposes.
Meituan-W (03690) received a net buy of HK$278 million. UBS previously issued a research report stating that competition in mainland China's quick commerce and in-store market is approaching a turning point, shifting from subsidy-led market share competition to operational efficiency. The bank expects this shift to increasingly benefit Meituan's deep moat, and its efficient "user-delivery-merchant" flywheel model has been proven by the significant profit recovery in the second quarter of this year.
Tencent (00700) received a net buy of HK$192 million. Tencent will raise US$5.7 billion through the issuance of RMB and USD bonds to support its increasing investment in AI. The company has completed pricing for RMB 26 billion offshore bonds and has launched the issuance of US$1.8 billion USD bonds. This issuance will be Tencent's largest offshore bond issuance since 2020.
Kingboard Laminates (01888) suffered a net sell of HK$337 million. On October 14, Kingboard Laminates Sales issued its latest round of price increase notices. Citigroup published a research report stating that this price increase does not cover all CCL products, but only high-end products. The bank believes that as long as inflationary pressure persists, thicker cloth price increases will ultimately be only a matter of time. The bank noted that Kingboard Laminates' stock price has fallen more than 15% over the past week due to negative macroeconomic news, but this is not a problem with the company itself.
SMIC (00981) suffered a net sell of HK$784 million. CLSA published a research report stating that China's semiconductor demand remained stable in the third quarter, but upstream supply tightness dragged down deliveries. The bank said that wafer foundry capacity utilization remains high, driven by AI-related chip demand, overseas order reshoring, and domestic manufacturing, with average selling prices continuing to rise quarter-on-quarter, but increased investment in new capacity and depreciation of advanced processes will constrain margin improvement. In addition, CNOOC (00883), Genscript Biotech (01548), and Yangtze Optical Fibre and Cable (06869) suffered net sells of HK$68.41 million, HK$207 million, and HK$493 million, respectively.
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