On February 9, the Hong Kong stock market saw a net sell-off of HKD 1.887 billion through Northbound trading, including a net sell-off of HKD 1.644 billion via Shanghai-Hong Kong Stock Connect and a net sell-off of HKD 0.242 billion via Shenzhen-Hong Kong Stock Connect.
According to Zhitong Finance APP, on February 9, the Hong Kong stock market saw a net sell-out of HKD 1.887 billion via Northbound trading, with Shanghai-Hong Kong Stock Connect contributing a net sell-out of HKD 1.644 billion and Shenzhen-Hong Kong Stock Connect contributing a net sell-out of HKD 242 million.
The stocks with the highest net buy-in via Northbound trading were Tencent (00700), CSOP Hang Seng Tech ETF (03033), and Xiaomi Group-W (01810). The stocks with the highest net sell-out were Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises Index ETF (02828), and China Mobile (00941).
Active trading stocks via Shanghai-Hong Kong Stock Connect
Active trading stocks via Shenzhen-Hong Kong Stock Connect
Tencent (00700) received a net buy-in of HKD 1.799 billion. On the news front, JPMorgan stated that Tencent's AI products are more cautious compared to its peers, sparking concerns about potential valuation compression. The firm believes that Tencent's most enduring asset is not any single AI capability but rather its distribution and engagement strength, which tends to grow exponentially over time and enables new capabilities, including AI, to scale at a lower user acquisition cost than competitors.
ETFs in the Hong Kong stock market showed significant divergence, with CSOP Hang Seng Tech ETF (03033) receiving a net buy-in of HKD 639 million, while Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises Index ETF (02828) faced net sell-outs of HKD 4.554 billion and HKD 1 billion respectively. According to Dongwu Securities, the short-term test for Hong Kong stocks has not fully ended, requiring continued observation of overseas risks and domestic AI catalysts. If AI developments exceed expectations domestically around the Spring Festival, Hong Kong stocks could rally alongside mainland stocks. Previously, SPDB International noted that the short-term market is expected to remain volatile, with potential shifts in investment themes and styles.
Xiaomi Group-W (01810) received a net buy-in of HKD 209 million. On the news front, Xiaomi Technology announced on its WeChat Official Account that Xiaomi Robotics recently unveiled “TacRefineNet,” an interim research achievement in embodied intelligence. This robot achieves millimeter-level pose adjustments using only tactile sensors, without reliance on visual input or 3D object models, providing a universal framework.
Yangtze Optical Fiber and Cable (06869) received a net buy-in of HKD 168 million. On the news front, Huayuan Securities pointed out that optical fiber prices have been rising moderately for about six months, with G.652.D bare fiber prices climbing from below CNY 20 per core kilometer and accelerating into 2026. The primary reason lies in the reversal of supply and demand dynamics: supply-side capacity is continuously being rationalized, while demand is driven by accelerated AI data center construction, resulting in shortages across various types of optical fibers. The firm expects the optical fiber and cable sector to continue improving, with companies likely benefiting as prices rise.
Chip stocks regained buying interest. Hua Hong Semiconductor (01347) and SMIC (00981) received net buy-ins of HKD 149 million and HKD 147 million respectively. On the news front, SMIC will release its earnings report on February 10, while Hua Hong Semiconductor will do so on February 12. Caitong Securities noted that global foundry operations continue to thrive under the rapid growth of AI computing demand. In Q4 2025, Taiwan Semiconductor reported revenue of TWD 1.05 trillion, marking a year-on-year increase of 20.45% and setting a new quarterly record; its full-year revenue also grew significantly by 31.60% to TWD 3.81 trillion.
Jun Da Co., Ltd. (02865) received a net buy-in of HKD 45.1 million. According to the National Enterprise Credit Information Publicity System, the controlling shareholder of Shanghai Fuyao Xinghe changed to Jun Da Co., Ltd., holding 60%, and its legal representative was changed to Zheng Hongwei, Vice Chairman of Jun Da Co., Ltd. Xun Tian Qian He, a wholly-owned subsidiary of Shanghai Fuyao Xinghe, is a leading domestic satellite manufacturing enterprise.
Additionally, Alibaba-W (09988) and Pop Mart (09992) received net buy-ins of HKD 50.41 million and HKD 37.13 million respectively, while China Mobile (00941) experienced a net sell-out of HKD 199 million.
