Mainland Chinese investors buy Hong Kong tech stocks in AI pivot, sell financials

Net buying surges for third straight month as AI pivot benefits MiniMax, Alibaba and Tencent, while investors eschew traditional industries Alibaba Group Holding and Tencent Holdings, the Chinese hyperscalers that have ramped up AI adoption, ranked second and third, attracting buying of HK$7.86 billion and HK$6.72 billion, respectively. Alibaba owns the South China Morning Post. The shift underscored the appeal of Chinese technology stocks trading in Hong Kong after the latest results from chipmaker Nvidia indicated that demand for AI infrastructure remained robust in spite of rising funding costs. The Hang Seng Tech Index dropped 4.3 per cent last month, offering a dip-buying opportunity to mainland traders, who currently account for about 30 per cent of stock transactions in the city.

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