Wire flash
Southbound capital net buys HK$23.1b this week; Tencent gets nearly HK$1.7b
Editorial responsibility
- No named human review is recorded for this page.
- Source reporting is collected, normalized, translated or condensed automatically when needed.
- Automatically published source-backed update
This article reports on Hong Kong stock market activity for the week of September 21-25, during which major indices fell but southbound capital (funds flowing from mainland China into Hong Kong) recorded a net buy of 231.13 billion HKD, marking five consecutive weeks of net buying. Tencent Holdings was the most actively traded stock on the Hong Kong Stock Connect list, with a total turnover of 286.9 billion HKD and a net buy of 16.95 billion HKD. Its Hong Kong Stock Connect holdings reached 1.08 billion shares, the highest since May. The stock rose over 4% for the week, with a market value near 4 trillion HKD. Other internet giants like Alibaba-W and Xiaomi-W also saw net buying. Separately, PCB-related stocks rose sharply after several manufacturers, including Hongruixing Technology, announced price increases for copper-clad laminates and prepreg. A Shanghai Securities research report attributed the strength to hardware architecture innovations driven by new AI server platforms like Nvidia's Vera Rubin, which are expected to sustain demand for high-end PCBs. The article also highlights 15 stocks with over 10% growth in southbound capital holdings, led by Tianshu Zhixin, and notes that Yihuatong's fuel cell system sales grew 32.83% year-on-year in the first half of 2026.
Source report
Market Overview
Major Hong Kong stock indices declined this week (September 21–25). The Hang Seng Index fell 0.97%, the Hang Seng Tech Index dropped 2.13%, and the Hang Seng China Enterprises Index decreased 0.72%.
Despite the market pullback, southbound capital recorded a net buy of HK$23.113 billion this week, marking the fifth consecutive week of net inflows, according to data from Securities Times' DataBao.
Tencent Holdings Leads with Net Inflow of HK$1.695 Billion
Among the 18 actively traded stocks on the Hong Kong Stock Connect list this week, Tencent Holdings recorded the highest total trading volume at HK$28.69 billion. It was followed by Zhipu at HK$21.141 billion. Other stocks with trading volumes exceeding HK$10 billion included Alibaba-W, Yangtze Optical Fibre and Cable, and KB Laminates.
In terms of net buying:
- Tencent Holdings saw a net inflow of HK$1.695 billion from southbound capital.
- Alibaba-W received a net buy of HK$1.24 billion.
- Xiaomi Group-W recorded a net buy of HK$64 million.
- KB Laminates and KB Group posted net sell-offs of HK$1.618 billion and HK$352 million, respectively.
Tencent's Holdings and Stock Performance
Tencent Holdings' latest southbound stock connect holdings reached 1.08 billion shares, the highest since May this year. Its share price surged and then retreated during the week, rising over 5% on Tuesday (September 22). The stock posted a cumulative weekly gain of over 4%, bringing its market capitalization to nearly HK$4 trillion.
On the news front, ASUS recently announced it has become the first PC manufacturer to launch a dedicated version of WorkBuddy. ASUS' Breakthrough series, equipped with third-generation Intel Core Ultra and Core processors, is deeply integrated with Tencent's WorkBuddy intelligent agent application.
Alibaba's AI Model for Esophageal Cancer Screening
Alibaba-W recently announced that its DAMO Academy, in collaboration with Sichuan Cancer Hospital, Sun Yat-sen University Cancer Center, and other institutions, has developed an AI model for esophageal cancer screening called DAMO EAGLE. The model can detect esophageal cancer risk—including early-stage and precancerous lesions—by analyzing routine chest CT scans. It has been validated in over 80,000 cases across three countries, with findings published in the international medical journal Nature Medicine.
Stock Performance of Actively Traded Stocks
Actively traded stocks showed mixed performance this week:
- KB Laminates led gains, rising 10.93% for the week.
- Genscript Biotech rose 9.15%.
- Victory Giant Technology gained 8.32%.
- Zhipu fell 18.78%, the largest decline.
- China Gold International dropped 11.24%.
- MINIMAX-W declined 9.17%.
Several PCB (Printed Circuit Board) stocks posted notable gains this week.
PCB Sector Strength
The PCB sector continued to show strong performance. Jiangxi Hongruixing Technology Co., Ltd. issued a price adjustment notice, raising copper-clad laminate (CCL) prices by 10% and prepreg (PP) prices by 15%. Earlier, other CCL manufacturers including KB Laminates, Panasonic机电, and Nanya Plastics had also raised product prices.
According to a research report from Shanghai Securities, hardware architecture innovation is further expanding the incremental market for high-end PCBs. The rollout of next-generation products, represented by NVIDIA's Vera Rubin platform, is expected to drive comprehensive innovation in AI server hardware. Combined with increased computing investment from leading overseas cloud providers, demand for high-end PCBs has long-term support, and industry momentum is expected to continue.
15 Stocks See Over 10% Growth in Holdings
In terms of changes in southbound capital holdings, 15 stocks recorded a sequential increase of over 10% this week (excluding stocks newly added to Hong Kong Stock Connect in September):
- Tianshu Zhixin led with a 217.19% increase.
- Health 160 rose 121.38%.
- Dajin Heavy Industry increased 30.21%.
- Jinfang Pharmaceutical-B grew 26.36%.
Tianshu Zhixin recently announced the launch of its new-generation Xingchen (Star) model X4.0-29B-A4B. In collaboration with the Zhongzhi FlagOS community, the company completed adaptation and inference deployment verification on the day of release, and introduced a BF16 version based on Tianshu Zhixin's general-purpose GPU platform.
Top Holdings by Proportion
Among stocks with a sequential increase of over 10% in southbound holdings as a percentage of total Hong Kong-listed shares:
- Yihuatong had the highest proportion at 32.65%.
- Guanghe Technology followed at 30.53%.
- Dongpeng Beverage stood at 20.16%.
Yihuatong, a fuel cell concept stock, reported in its semi-annual report that total sales power from January to June 2026 reached 21,200 kW, a 32.83% increase year-on-year from 15,960 kW. The growth was attributed to the diversified expansion of its fuel cell system applications, including non-vehicle scenarios.
(Source: DataBao)
Source
数据宝Eastern