Northbound Capital Trends | Northbound capital net sold HKD 6.424 billion, Northbound capital once again sold Hong Kong stock ETFs, with a total purchase of Meituan exceeding HKD 1.2 billion throughout the day

According to Zhitong Finance APP, on April 29th, in the Hong Kong stock market, northbound capital had a net sell of HKD 6.424 billion, with the Shanghai-Hong Kong Stock Connect having a net sell of HKD 3.251 billion and the Shenzhen-Hong Kong Stock Connect having a net sell of HKD 3.173 billion.

The stocks with the highest net purchases from northbound capital were Meituan-W (03690), INNOVENT BIO (01801), and SMIC (00981). The stocks with the highest net sells were Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Tencent (00700).

Active trading stocks in Shanghai-Hong Kong Stock Connect

Active trading stocks in Shenzhen-Hong Kong Stock Connect

Meituan-W (03690) received a net purchase of HKD 1.252 billion. In terms of news, CITIC Securities stated that reviewing the past positive collisions in the takeaway market, subsidies have a significant short-term effect on order growth, but they are not the decisive factor in determining the competitive landscape. Systematic variables such as delivery efficiency, merchant supply, user repurchase, and frequency are more core. The firm expects market sentiment disturbances to exist but have stabilized. From a relatively long-term perspective, it is expected that the competitive landscape of the takeaway industry will remain stable, and the market ecology will develop more healthily, with platform value expected to be released in the long term.

INNOVENT BIO (01801) received a net purchase of HKD 167 million. In terms of news, Bank of America Securities published a report stating that in February this year, the sales of its products Darbepoetin and Tafolecimab were RMB 179 million and RMB 114 million, respectively, up 47.6% and 32.3% year-on-year, while the sales of Darbepoetin increased by 15.4% year-on-year to RMB 51.5 million. At the same time, the sales of Ruyito and Tafolecimab increased by 53.2% and 2.13 times year-on-year, respectively. The firm raised its sales forecast for this year and next year by 1% based on strong sales of major products.

SMIC (00981) received a net purchase of HKD 85.28 million. In terms of news, Everbright Securities previously pointed out that the sustained high tariffs between China and the United States will accelerate the domestic substitution of semiconductors. Tariff policies will bring structural opportunities to chip manufacturers in simulation, RF, storage, CPU, etc. China's tariff countermeasures will raise the costs of American IDM manufacturers, and domestic chip manufacturers are expected to gain more market share; the acceleration of domestic substitution in wafer foundries is expected to enhance the demand for mature processes, benefiting Hua Hong Semiconductor and SMIC Pop Mart (09992) received a net purchase of HKD 60.58 million. In terms of news, on April 25th, Pop Mart's official app topped the shopping chart on the US App STORE. At the Pop Mart store on Michigan Avenue in Chicago, Americans queued overnight for the release of the new LABUBU model, with the overseas purchasing scene comparable to the iPhone launch. Goldman Sachs stated that Pop Mart's performance in the first quarter was positive, considering the fluctuations in consumer sentiment since the beginning of the year, the strong growth in the offline market was an unexpected delight. Looking ahead to the second quarter, growth visibility is relatively high, with strong momentum in IP product sales, and the launch of new products is expected to act as a catalyst.

CNOOC (00883) faced a net sell-off of HKD 295 million. In terms of news, CNOOC released its performance after the market today. According to Chinese accounting standards, as of the end of March this year, the first quarter report showed a revenue of RMB 106.854 billion, a year-on-year decrease of 4.1%; net profit was RMB 36.563 billion, a year-on-year decrease of 7.9%. In the first quarter, the company achieved a total net production of 18.9 million barrels of oil equivalent, a year-on-year increase of 4.8%.

Tencent (00700) faced a net sell-off of HKD 978 million. In terms of news, Citigroup stated that Tencent's first-quarter financial report may meet or slightly exceed market expectations. Entering the second quarter, Tencent plans to launch at least eight new ARVR games, which is believed to help mitigate the high base effect from last year's Dungeon & Fighter mobile game and benefit overall revenue growth. Although the macro environment and advertising budget sentiment may be affected by tariffs, the seasonal 6.18 promotion, improvements in AI advertising targeting, and the adoption of WeChat search could support double-digit year-on-year growth in advertising revenue. The target price was lowered from HKD 681 to HKD 670.

Northbound funds further reduced their holdings in Hong Kong stock ETFs, with the Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) facing net sell-offs of HKD 3.688 billion and HKD 1.251 billion, respectively. In terms of news, Huatai Securities pointed out that with the Politburo meeting convened, the earnings season and the first phase of tariff disturbances coming to an end, the market may welcome a brief "window period," with funds adopting a wait-and-see attitude, waiting for new variables to emerge to choose a direction.

In addition, Alibaba-W (09988) received a net purchase of HKD 56.14 million. Meanwhile, Xiaomi Group-W (01810), XPeng Motors-W (09868), and China Mobile (00941) faced net sell-offs of HKD 327 million, HKD 102 million, and HKD 67.17 million, respectively