Northbound funds | Northbound trading saw net selling of 6.771 billion POP MART (09992) shares after earnings, while Alibaba (09988) was sold off for over 1.4 billion shares before earnings.

On May 13th, in the Hong Kong stock market, Beishui had a net sell of 6.771 billion Hong Kong dollars. Among them, the net buy of Hong Kong Stock Connect (Shanghai) was 498 million Hong Kong dollars, and the net sell of Hong Kong Stock Connect (Shenzhen) was 7.27 billion Hong Kong dollars. The stocks receiving the most net buys from Beishui were POP MART (09992) and INNOSCIENCE (02557). The stocks receiving the most net sells were BABA-W (09988), YOFC (06869), and Tencent (00700). Active trading stocks in the Hong Kong Stock Connect (Shanghai) were POP MART (09992) with a net buy of 472 million Hong Kong dollars. On the news front, POP MART announced that in the first quarter, overall revenue increased by 75%-80% year-on-year. Huatai stated that the company's domestic business in Q1 showed stable growth, with a complete distribution channel and resilient ecology, expected to serve as a "ballast stone" for the full-year performance; the company will focus on strengthening fine operational capabilities in 2026 and expanding innovative formats such as theme parks, movies, and desserts to empower continuous growth in overseas markets and IP matrices in the future. INNOSCIENCE (02577) had a net buy of 16.87 million Hong Kong dollars. On the news front, the power semiconductor market is experiencing a new round of price hikes. INNOSCIENCE is the world's first IDM manufacturer to achieve mass production of 8-inch silicon-based gallium nitride wafers and has grown into the leading company in terms of GaN power semiconductor shipments and revenue share globally. Soochow believes that with the continuous increase in GaN penetration rates in data centers and humanoid Siasun Robot & Automation fields, the company's performance is expected to maintain a strong growth trend. Chip stocks were sold off with Montage Technology (06809), Semiconductor Manufacturing International Corporation (00981), and HUA HONG SEMI (041347) suffering net sells of 30.48 million, 186 million, and 223 million Hong Kong dollars respectively. In terms of news, it was reported that NVIDIA CEO Huang Renxun changed his schedule temporarily to accompany US President Trump on his visit to China. Reports indicated that Huang Renxun, as a temporary additional member, boarded the US President's plane "Air Force One" on May 13 and headed to China. NVIDIA officials also confirmed this news. CNOOC (00883) suffered a net sell of 2.24 billion Hong Kong dollars. On the news front, Morgan Stanley released a research report stating that Brent crude oil futures prices have failed to surpass the peak after the 2022 Russia-Ukraine conflict. This is mainly due to two factors: the US has increased crude oil exports by 3.8 million barrels per day; China has reduced crude oil imports by 5.5 million barrels per day. These two forces have shielded about 9.3 million barrels per day of supply pressure from the rest of the world. BABA-W (09988) suffered a net sell of 1.426 billion Hong Kong dollars. On the news front, Alibaba released its fourth-quarter earnings after hours. Revenue was 243.38 billion RMB, a 3% year-on-year increase, lower than the market's expectation of 246.507 billion RMB; adjusted net profit was 8.6 million RMB, compared to 29.847 billion RMB in the same period last year; net profit was 23.502 billion RMB, a 96% year-on-year increase; adjusted EBITDA was 16.44 billion RMB, a 61% year-on-year decrease. Additionally, Tencent (00700) and YOFC (06869) each suffered net sells of 45.24 million and 58.08 million Hong Kong dollars, respectively.