Northbound funds | Northbound trading saw a net sell of 1.461 billion. MINIMAX (00100) officially enters the Stock Connect. Northbound investors rushed to buy nearly 2.7 billion Hong Kong dollars throughout the day.

On August 6th, the Hong Kong stock market saw a net sell-off of HKD 1.461 billion from northbound capital. Specifically, the Shanghai-Hong Kong Stock Connect recorded a net buy of HKD 3.257 billion, while the Shenzhen-Hong Kong Stock Connect had a net sell of HKD 4.718 billion. The stocks with the highest net buys from northbound capital are MINIMAX-W (00100), KB LAMINATES (01888), and YOFC (06869). The stocks with the highest net sells are Tencent (00700), BABA-W (09988), and Semiconductor Manufacturing International Corporation (00981). Active stocks in the Shanghai-Hong Kong Stock Connect Active stocks in the Shenzhen-Hong Kong Stock Connect MINIMAX-W (00100) received a net buy of HKD 2.696 billion. The list of eligible stocks for the Hong Kong Stock Connect has been adjusted, adding MiniMax among several others, effective from August 6th. The latest in-depth report from CICC indicates that MiniMax's ARR is expected to rapidly grow from approximately USD 100 million in December 2025 to about USD 430 million in April 2026; the consumption of tokens from February to June has increased by 152%, and the path of converting model capacity to commercial revenue is being accelerated. The management is confident of achieving at least USD 1 billion in ARR by the end of 2026. KB LAMINATES (01888) received a net buy of HKD 753 million. Citigroup quoted SCI99 data stating that the average price of the three major electronic fabric series - 1080, 2116, and 7628 - rose by 17%-18% month-on-month in August, reaching HKD 13.1, HKD 12.7, and HKD 10.1 per meter, respectively, accumulating a rise of 118%-165% for the year. Citigroup pointed out that costs are accelerating transmission to the copper-clad laminate (CCL) segment, and a new round of price hikes has already opened. YOFC (06869) received a net buy of HKD 593 million. Kailong Securities released a research report stating that the capital expenditure of overseas giants is on the rise, the commercialization of optical communication is being validated simultaneously, and the cloud revenue scale is expanding rapidly, indirectly confirming the acceleration of the commercialization process and the rollout at the application level. The performance of this industry leader in fiber optics has exceeded expectations, and the demand certainty remains clear. The firm believes that the fiber demand scale driven by AI infrastructure construction is considerable, and those fiber leaders occupying core market segments both domestically and internationally are expected to continue benefiting from this. Hua Hong Grace Semiconductor (01347) and Semiconductor Manufacturing International Corporation (00981) respectively saw net sells of HKD 185 million and HKD 1.076 billion. Bank of China International ranks the industry as TSMC > Hua Hong Grace Semiconductor > Semiconductor Manufacturing International Corporation. Hua Hong is given a higher valuation multiplier due to its greater exposure in AI power simulation, better profit expansion trajectory, and the potential value from Hualiwei's asset injection; while SMIC's growth trend is relatively moderate, and its expansion and acquisitions are continuously weighing on its balance sheet, resulting in a downgrade to a "hold" rating. Additionally, GigaDevice Semiconductor Inc. (03986) received a net buy of HKD 5.47 million. Tencent (00700) and BABA-W (09988) respectively faced net sells of HKD 2.199 billion and HKD 1.627 billion.