On September 29th in the Hong Kong stock market, northbound capital recorded a net sell-off of HK$16.54 billion. The Shanghai-Hong Kong Stock Connect posted a net sell-off of HK$23.58 billion, while the Shenzhen-Hong Kong Stock Connect registered a net buy of HK$7.04 billion.
The stocks with the highest net buying by northbound capital were Alibaba-W (09988), Tencent (00700), and Xiaomi Group-W (01810). The stocks with the most significant net selling were Tracker Fund (02800), China Mobile (00941), and Hua Hong Semiconductor (01347).
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**Shanghai-Hong Kong Stock Connect Active Stocks** **Shenzhen-Hong Kong Stock Connect Active Stocks**
Alibaba-W (09988) received net buying of HK$35.56 billion. On the news front, CCB International released a research report stating increased confidence in Alibaba Cloud's growth prospects following the 2025 Alibaba Cloud Summit. Key reasons include: management's plan to exceed the existing 3-year RMB 380 billion AI investment plan; management's optimism about long-term AI demand; the company's robust AI solution capabilities with outstanding performance from latest models and product upgrades; and globalization strategy expanding potential market size. The firm believes Alibaba is the company with the greatest potential to capitalize on cloud business growth opportunities in the AI sector.
Tencent (00700) attracted net buying of HK$14.94 billion. On the news front, Tencent Hunyuan launched an open-source native multimodal image generation model, achieving another breakthrough in 3D generation. Western Securities believes that the launch and free availability of Tencent's multimodal models like Hunyuan Image 3.0 bring high-quality image generation, 3D content generation, and API calling capabilities to the industry, significantly enhancing AI application development and deployment density, directly driving rapid growth in Tencent Cloud's computing power demand. Moving forward, Tencent is expected to maintain AI infrastructure investments to support the rapid development of AI products across various industries and its comprehensive AI ecosystem.
Xiaomi Group-W (01810) saw net buying of HK$9.95 billion. On the news front, Morgan Stanley released a report stating that Xiaomi's 17 series smartphones achieved record-breaking first-day sales volume and revenue among domestic brand peers in 2025. Another surprise was that the flagship model 17 Pro Max accounted for over 50% of first-day sales, indicating Xiaomi's market share growth in the premium smartphone segment may accelerate further. Morgan Stanley believes these sales results confirm the significant effectiveness of Xiaomi's strategy.
Li Auto-W (02015) received net buying of HK$7.29 billion. On the news front, Li Auto launched its latest i6 model on September 26th. CLSA believes the Li Auto i6's specifications are unique in its price range and expects the i6 to attract consumers from similar models, particularly EREV series like L6 and L7, based on superior specifications. The firm projects monthly sales of 10,000 units for the i6 after the new model effect, with approximately 30,000 orders in the first week post-booking.
Semiconductor stocks showed divergence, with SMIC (00981) receiving net buying of HK$378 million, while Hua Hong Semiconductor (01347) faced net selling of HK$115 million. On the news front, Moore Threads recently received approval for its STAR Market IPO application. The prospectus shows Moore Threads plans to raise RMB 8 billion for projects including next-generation autonomous AI training and inference integrated chip development, next-generation autonomous graphics chip development, next-generation autonomous AI SoC chip development, and working capital supplementation. Additionally, MetaX's second-round inquiry review was recently completed.
Tracker Fund (02800) suffered net selling of HK$57.83 billion. On the news front, Huatai Securities research indicates that major overseas events during the National Day holiday include US non-farm payroll data and Japan's elections, which may have relatively limited impact on Hong Kong stock performance. Based on historical experience, Hong Kong stocks have a higher success rate for "holding through holidays," maintaining growth and consumer sector allocations before holidays, shifting to defensive positions post-holiday in the short term, and returning to main allocation themes after calendar effects dissipate.
Additionally, Kuaishou-W (01024) received net buying of HK$371 million, while China Mobile (00941) faced net selling of HK$815 million.