Northbound funds net sold HK$6.6 billion on August 25, with Kingboard Laminates seeing over HK$1.1 billion in sell-off
Nashnova编辑部
Northbound capital net sold HK$6.6 billion on August 25. Kingboard Laminates saw the day's heaviest single-stock selling at HK$1.19 billion despite a profit surge, as funds split sharply between AI models, CXO, and semiconductors.
What did northbound money sell overall?
Shanghai and Shenzhen Stock Connect channels net sold a combined HK$6.605 billion — Shanghai link HK$4.482 billion, Shenzhen link HK$2.124 billion.
This was not a broad retreat — funds were buying and selling simultaneously, with direction driven by sector.
This means → the signal is not "bearish on Hong Kong equities" but rotation: money leaving some sectors and entering others.
Who got bought?
Meituan-W (03690) topped the buy list at HK$867 million net inflow. Citi expects Q2 revenue up 10.7% year-on-year to RMB 101.7 billion, noting food-delivery unit economics may recover faster than expected.
AI large-model plays attracted fresh money: MINIMAX-W (00100) drew HK$376 million, Zhipu (02513) drew HK$123 million. Ping An Securities noted Zhipu's GLM-5.3 has reached the frontier-model capability tier globally.
WuXi Biologics (02269) drew HK$194 million. Xiangcai Securities sees global biopharma financing recovery lifting CXO — contract research and manufacturing outsourcing — fundamentals.
In plain terms = the buy-side thesis is clear: local-services leader + AI foundation models + pharma outsourcing.
Kingboard Laminates — why dump a stock after blowout earnings?
Kingboard Laminates (01888) saw net selling of HK$1.194 billion, the day's most-sold single stock.
UBS data shows interim profit surged 209% year-on-year to HK$2.9 billion, with gross margin at 30.7% — strong numbers.
Yet revenue rose 55% to HK$14.9 billion, 7% below UBS estimates.
This means → profit soared but the top line missed expectations, and the market chose to cash out at highs. In plain terms = a textbook "sell the good news" profit-taking move.
Why were semiconductors and ETFs sold too?
CSOP Hang Seng Tech ETF (03033) saw HK$742 million in net selling. Guoyuan International argues elevated long-end U.S. Treasury yields and insufficient incremental capital still cap further index upside.
YOFC (06869) net sold HK$526 million, Hua Hong Semi (01347) net sold HK$436 million, SMIC (00981) net sold HK$315 million.
This reflects broad pressure across the semiconductor sector — northbound funds trimmed the entire space, not just one name.
Where do Alibaba and Tencent stand?
Alibaba-W (09988) saw net selling of HK$183 million. Alibaba recently announced an HK$80 billion share placement — proceeds earmarked entirely for full-stack AI capabilities and AI infrastructure — which drew nearly 3× oversubscription.
Tencent (00700) recorded a marginal net buy of just HK$3.61 million, essentially flat.
This means → Alibaba's selling likely relates to short-term dilution expectations from the placement, not a bearish fundamental call; Tencent sits in wait-and-see mode.
One line to sum up today's northbound direction?
The day's capital roadmap: long AI models and CXO, trim semiconductors and broad-based ETFs, take profits after earnings beats.
In plain terms = northbound money is not leaving — it is picking, rotating toward whatever it sees as the higher-certainty bet for the next leg.
Content is for reference only, not financial advice.