On March 17, Hong Kong stock markets saw net inflows of HK$1.22 billion through the Stock Connect program. Specifically, the Shanghai-Hong Kong Stock Connect recorded net purchases of HK$399 million, while the Shenzhen-Hong Kong Stock Connect recorded net purchases of HK$818 million. The top stocks receiving northbound capital inflows were Alibaba-W (09988), Xiaomi Group-W (01810), and Yangtze Optical Fibre and Cable (06869). The most heavily sold stocks were SMIC (00981), Tencent (00700), and Bright Smart Securities (01428).
Alibaba-W (09988) attracted net purchases of HK$1.535 billion. The company’s cloud division announced price increases of up to 34% for AI computing power and storage products, citing surging global AI demand and rising supply chain costs. Insiders noted that a sharp increase in token usage was another key factor behind the price adjustment. Additionally, Alibaba recently announced the establishment of a new "Token Business Group," with its "Wukong Division" making its first public appearance.
Xiaomi Group-W (01810) saw net inflows of HK$564 million. The company confirmed it will hold a spring product launch event on the evening of March 19, 2025, where the highly anticipated new-generation Xiaomi SU7 electric vehicle will be a central highlight. Market analysts believe the SU7's entry will reshape the competitive landscape of the electric vehicle market in the 250,000–300,000 yuan price range.
Yangtze Optical Fibre and Cable (06869) received net purchases of HK$146 million. Galaxy Securities pointed out that demand in the optical fiber and cable industry has grown significantly, leading to substantial price increases. Recent operator centralized procurement rounds have seen failed bids and higher prices, with some bid ceilings rising by as much as 100% within two months. The higher bidding prices reflect a broad market trend of rising optical fiber and cable costs. Additionally, as these were emergency procurement projects with short timelines—coupled with previously suspended tenders due to changing project conditions—it suggests that supply shortages in the sector may be widespread.
Pop Mart (09992) attracted net inflows of HK$133 million. China Securities Regulatory Commission Chairman Wu Qing stated that the ChiNext board will introduce a more precise and inclusive set of listing standards to support high-quality innovative companies in sectors like new consumption and modern services. Analysts noted that if ChiNext adds a fourth set of standards allowing eligible companies to conduct secondary listings or spin-offs, Pop Mart could gain more flexible capital market options beyond its current single-market constraints, supporting its global expansion strategy.
Xunce Technology (03317) rose by HK$21.82 million. NVIDIA CEO Jensen Huang recently described the open-source project OpenClaw as "the most popular open-source project in human history," urging all companies to immediately develop their own OpenClaw strategies. Xunce Technology, which has long focused on real-time data infrastructure and analytics, is using vertical industry data as a "token efficiency enhancer" to redefine the return on investment for token usage in the AI era.
CNOOC (00883) saw net outflows of HK$100 million. BOCI Research noted that the oil market's focus is currently on Iran's potential blockade of the Strait of Hormuz, which handles about 25% of global seaborne oil trade. The bank expects oil prices will not spike again unless there is large-scale damage to oil infrastructure or a prolonged blockade.
SMIC (00981) experienced net selling of HK$773 million. Recent reports suggested that Huali Microelectronics may become China's second semiconductor manufacturer capable of 7nm production, after SMIC. Morningstar published a report stating that Huahong has no incentive to pursue 7nm chip manufacturing and will instead focus on specialized technologies under the Huahong Group, avoiding cutting-edge product development.
Meanwhile, Xifeng Group (02473) attracted net purchases of HK$39.85 million, while Tencent (00700) and Bright Smart Securities (01428) saw net outflows of HK$296 million and HK$144 million, respectively.