Northbound funds | Northbound net buying reached RMB5.846 billion. Countdown to Anthropic's IPO; northbound funds added over HK$800 million in Z.AI (02513).

On November 12 in the Hong Kong stock market, northbound funds recorded a net buy of HK$5.846 billion. Among this, Stock Connect (Shanghai) recorded a net buy of HK$5.780 billion, and Stock Connect (Shenzhen) recorded a net buy of HK$67 million. The stocks with the largest net buys by northbound funds were BABA-W (09988), Z.AI (02513), and Semiconductor Manufacturing International Corporation (00981). The stocks with the largest net sells by northbound funds were Tencent (00700), Zhongji Innolight (03308), and Cig Shanghai (06166). Stock Connect (Shanghai) active trading stocks Stock Connect (Shenzhen) active trading stocks BABA-W (09988) received a net buy of HK$1.124 billion. Alibaba formally proposed spinning off T-Head for a Hong Kong listing, targeting an increase in the contribution of self-used computing power from more than 10% to 40%-50%, with shipments expected to reach about 700,000 GPUs in 2027. BofA Securities views the spin-off as a positive catalyst but emphasizes that strong revenue growth, regulatory progress, and transaction terms and other evidence are needed before investors will assign a separate valuation. Z.AI (02513) and MINIMAX-W (00100) received net buys of HK$843 million and HK$122 million, respectively. Anthropic shares are expected to begin trading on Nasdaq on November 20. Zheshang pointed out that the finalization of Anthropic's pricing will provide the first publicly comparable overseas frontier model company pricing reference for Z.AI, MiniMax, and others, bringing opportunities for valuation repair across the sector. Semiconductor Manufacturing International Corporation (00981) and Hua Hong Grace Semiconductor (01347) received net buys of HK$497 million and HK$71.73 million, respectively. Semiconductor Manufacturing International Corporation released results after market close: in the third quarter, the company's overall sales revenue reached US$3.19 billion, up 6.1% quarter-on-quarter; gross margin was 29.9%, up 4.6 percentage points quarter-on-quarter. For the fourth quarter, revenue is expected to grow 4%-6% quarter-on-quarter, with gross margin guidance of 26%-28%. Tencent (00700) suffered a net sell of HK$60.6 million. On November 12, regarding today's external claim that "Tencent is cutting 50% of staff," Jiemian News learned from a person close to Tencent that during Tencent's 28th anniversary Linktime online livestream, Tencent management proactively expressed its determination to accelerate organizational change and specifically mentioned that this is different from the "cost reduction and efficiency improvement" effort several years ago. In addition, KB LAMINATES (01888) and YOFC (06869) received net buys of HK$291 million and HK$147 million, respectively. Meanwhile, Zhongji Innolight (03308) and Cig Shanghai (06166) suffered net sells of HK$29.62 million and HK$9.81 million, respectively.