On April 8, mainland investors recorded a net sell-off of HK$21.57 billion in Hong Kong's stock market. The Shanghai-Hong Kong Stock Connect registered net sales of HK$13.58 billion, while the Shenzhen-Hong Kong Stock Connect saw net outflows of HK$7.99 billion.
The most heavily purchased stocks by mainland capital were Alibaba-W (09988), Kuaishou-W (01024), and POP MART (09992). The top net sold positions included the Tracker Fund (02800), Yangtze Optical Fibre and Cable (06869), and the Hang Seng China Enterprises Index Fund (02828).
Alibaba-W (09988) attracted net purchases of HK$1.999 billion. This follows a joint guideline issued by six departments, including the Ministry of Commerce, promoting the integration of artificial intelligence with e-commerce and encouraging platforms to enhance AI model development. Additionally, post-market reports indicated Alibaba's organizational restructuring, with the Tongyi Lab being elevated to a business division and Dr. Fei-Fei Li appointed as Chief Technology Officer of Alibaba Cloud.
Kuaishou-W (01024) received net inflows of HK$299 million. The platform recently concluded its March new product promotion season, during which gross merchandise value for new items surged 303% year-over-year. Separately, OpenAI's decision to shut down its AI video generator attracted attention. Kuaishou’s latest earnings report showed total Q4 2025 revenue reaching RMB 39.6 billion, with its AI product Kling contributing RMB 340 million in revenue.
POP MART (09992) gained net buying of HK$296 million. The company recently launched a FIFA World Cup 2026 collaboration series with THE MONSTERS, with the LABUBU "Catch the Win" collectible plush toy selling out rapidly. Resale prices on the Dewu App reached as high as RMB 718, representing a 20% premium. Notably, Duan Yongping, founder of BBK and a prominent investor, praised POP MART as a pioneer in internationalizing Chinese products.
CNOOC (00883) faced net selling of HK$1.091 billion. Market sentiment was influenced by news of a temporary ceasefire agreement between the U.S. and Iran, brokered by Pakistan, which eased geopolitical tensions. WTI crude oil prices fell sharply intraday. Citic Futures earlier noted that geopolitical developments remain a key driver for oil prices.
Mainland investors also sold Hong Kong ETF products heavily, with the Tracker Fund (02800) and the Hang Seng China Enterprises Index Fund (02828) seeing net outflows of HK$8.875 billion and HK$1.289 billion, respectively. Galaxy Securities noted that Hong Kong stocks are currently navigating a period of geopolitical uncertainty, earnings season validation, and divergent capital flows, expecting continued market volatility.
In other trading activity, SMIC (00981) received net purchases of HK$21.16 million, while Tencent (00700) and Yangtze Optical Fibre and Cable (06869) saw net selling of HK$324 million and HK$1.783 billion, respectively.