Northbound funds | Northbound trading recorded a net sell of RMB2.739 billion. T-Head, Alibaba's chip unit, is reportedly heading to Hong Kong for an IPO. Northbound funds snapped up over HK$800 million worth of Alibaba (09988).

On November 10 in the Hong Kong stock market, northbound trading recorded a net sell of HK$2.739 billion. Among this, Stock Connect (Shanghai) recorded a net sell of HK$1.144 billion, and Stock Connect (Shenzhen) recorded a net sell of HK$1.596 billion. The stocks with the largest net purchases by northbound funds were BABA-W (09988), Semiconductor Manufacturing International Corporation (00981), and Hua Hong Grace Semiconductor (01347). The stocks with the largest net sells by northbound funds were TRACKER FUND OF HONG KONG (02800), Tencent (00700), and YOFC (06869). Active stocks under Stock Connect (Shanghai) Active stocks under Stock Connect (Shenzhen) BABA-W (09988) received a net purchase of HK$868 million. According to multiple media reports, Alibaba's chip company T-Head plans to seek an IPO in Hong Kong in 2027, aiming to raise US$2 billion to US$3 billion. People familiar with the matter said T-Head has submitted a confidential filing for the IPO, but the final fundraising size has not yet been determined. The relevant news has not yet been officially confirmed by Alibaba. Previously, JPMorgan analysts estimated that T-Head's potential valuation was approximately US$25 billion to US$62 billion. Semiconductor Manufacturing International Corporation (00981) and Hua Hong Grace Semiconductor (01347) received net purchases of HK$216 million and HK$205 million, respectively. From November 5 to 10, the 9th China International Import Expo was held in Shanghai. The model of Shanghai Micro Electronics' self-developed new-generation front-end dry lithography general technology platform was officially unveiled, showcasing China's phased achievements in the localization of front-end lithography equipment. CNOOC (00883) received a net purchase of HK$78.43 million. According to media reports, progress has been made in the US-Iran nuclear talks, and the two sides are expected to reach a preliminary agreement on Iran's uranium enrichment issue. Sources said the United States allows Iran to conduct uranium enrichment domestically at a concentration of 3.67%, and Iran has expressed acceptance. The two sides are also arranging discussions on the return of International Atomic Energy Agency inspectors to Iran. However, Rubio said that the current US-Iran negotiations have not made much substantive progress, let alone being "on the brink of a breakthrough." YOFC (06869) and KB LAMINATES (01888) suffered net sells of HK$303 million and HK$103 million, respectively. Soochow said that a positive signal observed is that in the fourth quarter, the PCB sector is expected to continue improving quarter-on-quarter performance thanks to volume deliveries of new platforms, upstream passive components in optical communications are still seeing tight pull-in demand, and optical module manufacturers are also expected to sustain relatively good performance. There may be a certain expectation gap between marginal catalysts on the industry side and current market expectations. TRACKER FUND OF HONG KONG (02800) suffered a net sell of HK$690 million. Huatai believes that Hong Kong stocks led global markets last week, but the short-term factors driving this round of rebound have already been largely reflected. The Hang Seng Index has risen about 5% since the day its constructed sentiment index issued a full-position signal, approaching the average rebound after historical panic episodes. Current option pricing shows that the market state has shifted from panic to chasing gains. In addition, Tencent (00700) suffered a net sell of HK$613 million.