Northbound funds | Northbound trading recorded a net sell of 10.021 billion. Anthropic races toward the largest IPO in history. Northbound investors continue to increase their positions in large model concept stocks.

On September 4, the Hong Kong stock market saw a net selling of HKD 10.021 billion by northbound funds. Among them, the Shanghai-Hong Kong Stock Connect recorded a net selling of HKD 4.708 billion, while the Shenzhen-Hong Kong Stock Connect had a net selling of HKD 5.313 billion. The stocks with the highest net purchases by northbound funds are MINIMAX-W (00100), Z.AI (02513), and KB LAMINATES (01888). The most sold stocks were Tencent (00700), Semiconductor Manufacturing International Corporation (00981), and GENSCRIPT BIO (01548). Active stocks under Shanghai-Hong Kong Stock Connect Active stocks under Shenzhen-Hong Kong Stock Connect Northbound capital continues to increase its positions in large model concept stocks. MINIMAX-W (00100) and Z.AI (02513) saw net purchases of HKD 947 million and HKD 606 million, respectively. According to informed sources, Anthropic is close to finalizing an expansion of its revolving credit facility to USD 15 billion, clearing a hurdle before the company publicly files its highly anticipated IPO documents. If Anthropic achieves its expected market valuation of around USD 2 trillion, it could surpass SpaceX and become the largest IPO in history. KB LAMINATES (01888) received a net purchase of HKD 163 million. Citigroup released a research report forecasting that KB LAMINATES will again raise copper-clad laminate prices in early October to pass on costs. The report noted that the average selling price of fiberglass fabric in September increased, with a rise greater than that of August and the first half of 2026, and stated that the industry's supply-demand tension had not eased entering the fourth quarter. Alibaba (09988) saw a net purchase of HKD 137 million. According to the Sci-Tech Innovation Board Daily, Alibaba's enterprise-grade general Agent product, Qianwen Office, has surpassed 30 million users a month after its launch, with more than half being enterprise users. Additionally, on September 2, Alibaba's programming platform Qoder released a glasses version, which will first integrate with Qianwen AI glasses and Rokid AI glasses. Hua Hong Grace Semiconductor (01347) and Semiconductor Manufacturing International Corporation (00981) faced net sellings of HKD 752 million and HKD 903 million, respectively. Hua Hong Grace Semiconductor announced that it, along with several institutions, is increasing capital for Wuxi Hua Hong Grace Semiconductor Phase III to build a 12-inch specialty process wafer foundry line with a monthly capacity of approximately 55,000 wafers. Furthermore, TSMC is expanding production at an unprecedented scale, with nearly 20 fabs globally under construction, yet capacity expansion still struggles to keep up with demand. GENSCRIPT BIO (01548) experienced a net selling of HKD 824 million. GENSCRIPT BIO announced plans to spin off its indirect non-wholly-owned subsidiary, Probio Technology Limited (Pangbo Biotechnology), and list it independently on the main board of the Hong Kong Stock Exchange. After the spin-off, Genscript will still hold a controlling interest in Pangbo Biotechnology, which will continue to be its subsidiary and have its financial performance consolidated into the group's financial statements. Additionally, YOFC (06869) and Tencent (00700) saw net sellings of HKD 172 million and HKD 2.101 billion, respectively.