Mainland Funds Net Bought Hong Kong Stocks for Four Consecutive Months, with Over HK$60 Billion Net Inflow in September
nashnova research
Mainland investors poured a net HK$60.8 billion into Hong Kong stocks in September via Stock Connect, hitting a recent monthly high; the money is chasing AI names that simply don't exist on the A-share market.
How big is HK$60.8 billion?
September's net inflow of HK$60.8 billion (≈US$7.7 billion) was nearly six times August's HK$10.4 billion.
It marks the fourth consecutive month of net southbound buying; the full Q3 total reached HK$134.1 billion.
This means → mainland capital is not dipping a toe — it is moving money into Hong Kong at an accelerating pace.
Where is the money going?
Buying is concentrated in tech stocks, especially AI large-model developers.
In plain terms = mainland investors want exposure to AI companies, but A-shares offer almost no direct equivalents — Hong Kong has become the only market where they can get it.
At the same time, healthcare saw the heaviest selling — a clear sector rotation out of defensive names and into AI.
Why keep buying into a headwind?
These inflows arrived while U.S. Treasury yields and oil prices remained elevated — a combination that typically weighs on emerging-market assets.
This reflects a conviction among mainland investors strong enough to override the macro headwind for Hong Kong-listed AI plays.
Whether the trend holds depends on continued delivery of AI catalysts — if the AI narrative cools, this flow could stop abruptly.
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