Northbound capital recorded a net purchase of HK$26.19 billion in the Hong Kong stock market on March 19. Specifically, the Shanghai-Hong Kong Stock Connect saw net inflows of HK$17.014 billion, while the Shenzhen-Hong Kong Stock Connect recorded net inflows of HK$9.176 billion.
The stocks receiving the highest net purchases from northbound capital were the Tracker Fund (02800), the Hang Seng China Enterprises Index Fund (02828), and the CSOP Hang Seng Tech Index ETF (03033). Conversely, Semiconductor Manufacturing International Corporation (00981) experienced the highest net outflows.
Detailed figures show the Tracker Fund (02800), Hang Seng China Enterprises Index Fund (02828), and CSOP Hang Seng Tech Index ETF (03033) attracted net buys of HK$14.651 billion, HK$5.323 billion, and HK$3.427 billion, respectively. Analysts at Guoyuan International suggest that while external uncertainties may continue to cause volatility, the most intense period of military conflict appears to be over. Market sensitivity to such events may decrease, with greater attention shifting to positive developments like improved shipping security in the Strait of Hormuz, potentially paving the way for a market rebound.
CNOOC (00883) received net purchases of HK$1.155 billion. This follows Iran's announcement of targeted strikes on U.S.-related oil facilities, designating energy infrastructure in Saudi Arabia, the UAE, and Qatar as legitimate targets, prompting emergency evacuations. J.P. Morgan previously noted that a sustained oil price above $80 per barrel would significantly benefit major oil companies. Among Asian energy firms covered, CNOOC is considered most sensitive to oil price movements due to its 70% oil production mix.
Alibaba-W (09988) saw net inflows of HK$682 million. After market close, Alibaba reported third fiscal quarter revenue of RMB 284.84 billion, a 2% year-on-year increase but slightly below estimates of RMB 289.79 billion. Adjusted net profit was RMB 16.71 billion, compared to an estimated RMB 31.6 billion. The company also announced that its subsidiary, T-Head, has achieved mass production of its self-developed GPUs, and its Qwen AI app assisted users in completing nearly 200 million orders during the holiday period.
Tencent (00700) attracted net purchases of HK$630 million. J.P. Morgan released a report anticipating that Tencent's fourth-quarter results will bolster positive investor sentiment. The key takeaway is not just the resilience of its core businesses but also the demonstrated commercial value of AI in advertising, gaming, and cloud services, alongside benefits from an improving business mix and strong cash flow.
Changfei Optical Fiber & Cable (06869) garnered net buys of HK$345 million. Everbright Securities reported that fiber optic cable prices have been rising significantly since early 2026, with current tender prices showing a rapid upward trend. Demand for optical fiber in AI data centers far exceeds that of traditional data centers, driven by intense competition among leading cloud providers. In this environment of rising prices, companies like Changfei Optical Fiber & Cable have potential for sustained earnings upgrades.
Additionally, Shandong Molong Petroleum Machinery (00568) received net purchases of HK$85.01 million, while Semiconductor Manufacturing International Corporation (00981) faced net selling of HK$217 million.