Northbound funds | Northbound trading net buying 15 million; northbound adds to AIA (01299) over HK$800 million; sells Alibaba (09988) over HK$500 million.

On September 29 in the Hong Kong stock market, northbound trading recorded a net buy of HK$15 million. Among this, Hong Kong Stock Connect (Shanghai) recorded a net buy of HK$2.314 billion, while Hong Kong Stock Connect (Shenzhen) recorded a net sell of HK$2.299 billion. The stocks with the largest net buys by northbound funds were AIA (01299), XIAOMI-W (01810), and Z.AI (02513). The stocks with the largest net sells by northbound funds were CSOP Hang Seng TECH Index ETF (03033), Semiconductor Manufacturing International Corporation (00981), and BABA-W (09988). Active stocks on Hong Kong Stock Connect (Shanghai) Active stocks on Hong Kong Stock Connect (Shenzhen) AIA (01299) received a net buy of HK$809 million. Jefferies previously issued a research report stating that Thailand is one of AIA's third-largest and highest-quality segments, with over 90% of sales being protection or fee-based business. As of the first half of 2026, AIA Thailand accounted for 15% of the group's value of new business (VONB) and 12% of embedded value (EV). The bank maintained a "Buy" rating on AIA with a target price of HK$114, believing that the Thailand business is undervalued by investors. XIAOMI-W (01810) received a net buy of HK$383 million. Citi recently stated that Xiaomi launched its latest flagship 18 Pro/Pro Max, priced starting at RMB 5,999 and RMB 6,999 respectively, lower than competitors at the same tier, but with specifications comparable to or better than peers. The bank believes that this launch strengthens Xiaomi's premiumization strategy and value-for-money positioning, with the next catalysts being shipment data and third-quarter results this year. KB LAMINATES (01888) received a net buy of HK$75.52 million. Citi issued a research report stating that amid the ongoing AI materials shortage, KB LAMINATES has upside potential in earnings, giving it a "Buy/High Risk" rating with a target price of HK$95. The bank believes that KB LAMINATES can still leverage its high-quality and vertically integrated advantages to obtain AI-CCL test certifications from Chinese and U.S. GPU and CSP companies. WUXI BIO (02269) received a net buy of HK$45.82 million. Goldman Sachs published a research report indicating that WUXI BIO executives, at a recent Goldman Sachs healthcare and CDMO industry exchange event, revealed that the company's overall backlog performance is strong, growing 24% year-on-year to US$25.1 billion, with backlog for the next three years rising about 30% year-on-year to US$5.5 billion, and commercialization visibility improving. YOFC (06869) suffered a net sell of HK$226 million. Optical fiber leader Hengtong Optic-Electric disclosed a private placement plan, proposing to issue no more than 740 million A-shares, raising total funds of no more than RMB 6.636 billion, intended for nine projects including optical communications. Specifically, the "Next-Generation Optical Fiber R&D and Production Project" is planned to invest RMB 758 million, and the "Inner Mongolia Optical High-End Optical New Materials Construction Project" is planned to invest RMB 862 million, both forming the core of capacity expansion for optical fiber preforms and specialty optical fibers. BABA-W (09988) suffered a net sell of HK$551 million. Alibaba fully showcased its end-to-end full-stack AI capabilities at the Yunqi Conference, targeting over 20GW of global data center capacity by 2032; BOCI issued a report stating that it maintains a "Buy" rating but lowered the target price from HK$195 to HK$166. The bank raised Alibaba's capital expenditure estimates for fiscal years 2027 and 2028 to approximately RMB 230 billion and RMB 250 billion, and lowered adjusted earnings per share forecasts for fiscal years 2027, 2028, and 2029 by 9.6%, 5.6%, and 0.8%, respectively. CSOP Hang Seng TECH Index ETF (03033) suffered a net sell of HK$570 million. Galaxy Securities pointed out that the market needs to reprice the "higher for longer" interest rate environment, and Hong Kong stocks lack catalysts for a short-term upward trend. Previously, some funds bet on a rebound once rate hikes landed, but the overall tone of the Federal Reserve's September meeting was more hawkish than market expectations. The bank noted that this means the logic of "bad news exhausted" has been broken, and uncertainty has not been eliminated but delayed to the fourth quarter. In addition, Z.AI (02513) received a net buy of HK$162 million, while Tencent (00700) and Semiconductor Manufacturing International Corporation (00981) suffered net sells of HK$26.66 million and HK$568 million, respectively.