Northbound funds | Northbound trading net bought 13.737 billion yuan, Alibaba (09988) announced a huge AI investment plan, Northbound continued to snap up more than 5.6 billion Hong Kong dollars in Alibaba.

On February 24, the net buying of Northbound funds in the Hong Kong stock market totaled 13.737 billion Hong Kong dollars, with 10.773 billion Hong Kong dollars of net buying through the Shanghai-Hong Kong Stock Connect and 2.964 billion Hong Kong dollars of net buying through the Shenzhen-Hong Kong Stock Connect. The stocks with the highest net buying by Northbound funds were BABA-W (09988), XIAOMI-W (01810), and China Mobile Limited (00941). The stocks with the highest net selling by Northbound funds were China United Network Communications (00762) and Tencent (00700). Active trading stocks through the Shanghai-Hong Kong Stock Connect included BABA-W (09988) with a net buying of 5.634 billion Hong Kong dollars. Alibaba's CEO announced a substantial investment in cloud and AI infrastructure for the next three years. In the telecommunications sector, China Mobile Limited (00941) had a net buying of 1.113 billion Hong Kong dollars, while China United Network Communications (00762) had a net selling of 0.213 billion Hong Kong dollars. China Telecom Corporation was reported to have deployed Deepseek on its cloud platforms. Meituan-W (03690) had a net buying of 0.637 billion Hong Kong dollars. The company announced the provision of social security for its full-time and stable part-time delivery riders. Northbound funds increased their positions in semiconductor stocks. Semiconductor Manufacturing International Corporation (00981) and HUA HONG SEMI (01347) had net buying of 0.47 billion and 0.397 billion Hong Kong dollars respectively. ZTE Corporation (00763) had a net buying of 0.447 billion Hong Kong dollars. The company was set to release its annual results by the end of December 31, 2024. Furthermore, XIAOMI-W (01810) and CNOOC (00883) had net buying of 2.27 billion and 36.67 million Hong Kong dollars respectively, while Tencent (00700) had a net selling of 13.93 million Hong Kong dollars.