Northbound funds recorded net buying of HK$1.176 billion on August 28; Shenghong Tech plunged post-earnings but attracted over HK$400 million in bargain hunting
Nashnova编辑部
Northbound capital net bought HK$1.176 billion on August 28, piling into post-earnings-drop Shenghong Tech and the AI and fiber-optic sectors while dumping financials and internet giants — a structural divergence worth tracking.
Shenghong Tech dropped 13% — why did northbound funds keep buying?
Shenghong Tech (02476) plunged about 13% on the day. Northbound funds net bought HK$453 million, making it the single largest net purchase.
H1 revenue reached RMB 11.629 billion, up 28.77% year-on-year; net profit attributable to the parent hit RMB 2.857 billion, up 33.3% — the headline growth numbers were solid.
But Q2 net profit after non-recurring items fell both year-on-year and quarter-on-quarter. That, combined with controlling shareholder Chen Tao transferring shares to his spouse, fueled doubts about earnings sustainability and triggered the sell-off.
This means → northbound funds are betting the bad news is priced in. The risk: the inflection in core profit has not yet reversed, so Q3 results become the next proof point.
AI and fiber optics — what theme is northbound money chasing?
Zhipu (02513) drew a net HK$341 million inflow. The company just launched and open-sourced GLM-5.3-Flash (320B total parameters), scoring 57 on the Artificial Analysis Intelligence Index — level with Anthropic's Claude Opus 4.8.
In plain terms = Zhipu's latest model matched a global front-runner on benchmarks. Northbound funds are buying the thesis that China's home-grown large language models are closing the gap.
YOFC (06869) attracted a net HK$295 million. Goldman Sachs noted Q2 net profit surged 606% quarter-on-quarter to RMB 2.4 billion, with gross margin jumping from 41.5% in Q1 to 60.5%, well above expectations.
Kingboard Laminates (01888) drew a net HK$216 million. The company issued its seventh price-hike notice this year; FR-4 copper-clad laminate — a basic material for printed circuit boards — has risen over 100% cumulatively on a compounded basis since March.
Why were Alibaba and China Life sold?
Alibaba-W (09988) saw net selling of HK$380 million. The company recently announced an HK$80 billion share placement to fund full-stack AI infrastructure — short-term dilution pressure is the direct catalyst for outflows.
Yet Jack Ma has been buying Alibaba's Hong Kong shares for several consecutive days, personally investing over HK$600 million; combined with management, total insider buying exceeds HK$800 million — real money deployed to counter dilution anxiety.
China Life (02628) saw net selling of HK$878 million, the day's largest single-stock outflow. Tencent (00700) saw net selling of HK$143 million.
This means → on the same day, northbound money loaded up on tech-growth names and dumped financials and internet blue chips — a clear sign of style rotation.
Semiconductors: Goldman is bullish, but northbound funds are selling?
Hua Hong Semi (01347) saw net selling of HK$81.44 million; SMIC (00981) saw net selling of HK$142 million.
On the same day, Goldman Sachs sharply raised its 2026–2028 global wafer-fab equipment spending forecasts to US$150 billion, US$218 billion, and US$281 billion.
In plain terms = the sell-side is calling for more capex, but the buy-side is heading for the exit. Short-term capital and long-term conviction are diverging — northbound funds may be taking profits on earlier gains, not rejecting the sector thesis.
What about the rest, and the bigger picture?
GigaDevice (03986) attracted net buying of HK$102 million; Akeso (09926) drew HK$91.89 million — spanning memory chips and innovative biotech.
Stock Connect (Shanghai) net bought HK$885 million; Stock Connect (Shenzhen) net bought HK$291 million — both channels in net inflow.
This reflects the day's core northbound logic: concentrated buying along the AI compute chain and fiber-optic sector, simultaneous selling of financials and platform internet. Whether this structural divergence signals a lasting style shift needs confirmation from subsequent flow data.
市场有风险，内容仅供研究参考，不构成投资建议。