On September 14, the Hong Kong stock market saw southbound capital record a net purchase of HK$4.471 billion. The Shanghai-Hong Kong Stock Connect posted net buying of HK$1.671 billion, while the Shenzhen-Hong Kong Stock Connect registered net buying of HK$2.8 billion. The top net-buying targets were Z.AI (02513), YOFC (06869), and Lenovo Group (00992), whereas the leading net-selling stocks were SMIC (00981), Alibaba-W (09988), and Kingboard Holdings (00148).
Z.AI (02513) received a substantial net inflow of HK$1.201 billion. The company announced it had completed a financing round of approximately US$5 billion (about RMB 33.5 billion), comprising a share placement of roughly US$2 billion and zero-coupon convertible bonds worth about US$3 billion. About 60% of the net proceeds will be allocated to research and development of the next-generation GLM foundational model and the "Fully Self Training" system, along with deployment and upgrades of large-scale training, production inference, computing resources, and related technology infrastructure.
Southbound funds also increased positions in AI hardware stocks, with YOFC (06869), Kingboard Laminates (01888), and CIG (06166) recording net purchases of HK$382 million, HK$63.31 million, and HK$57.75 million, respectively. In a rare joint move, three major US AI giants—Anthropic, OpenAI, and SpaceXAI—collectively called for a slowdown in AI development. Additionally, OpenAI's CEO stated that the company will not pursue an initial public offering in 2026. Microsoft's CEO echoed this sentiment, voicing support for cautious AI advancement and embedded evaluation mechanisms. Analysts at Zheshang Securities noted that these developments may put short-term pressure on AI hardware firms and large model companies.
Lenovo Group (00992) saw net buying of HK$180 million. The latest quarterly results from the world's top three AI server makers—Lenovo Group, Dell, and Hewlett Packard Enterprise—all surpassed expectations, with Lenovo Group's server business growing nearly twofold. Furthermore, Oracle's management reiterated during its earnings call a capital expenditure plan of US$90-95 billion for fiscal 2027, aimed at expanding AI data centers and related infrastructure, and explicitly named Dell and Hewlett Packard Enterprise as primary beneficiaries of these investments.
The pharmaceutical sector also attracted buying interest. Akeso (09926) and WuXi Biologics (02269) saw net inflows of HK$104 million and HK$13.85 million, respectively. During the 2026 World Conference on Lung Cancer (WCLC), held from September 12 to 15, multiple clinical data points from Chinese innovative drugs were unveiled, with Akeso's ivonescimab monotherapy overall survival data and B7H3 ADC emerging as highlights. Concurrently, the 2026 national medical insurance catalog negotiations concluded, and the commercial insurance innovative drug catalog is advancing in parallel. With growing expectations for payment-side reforms, the industry logic of "overseas commercialization plus improved reimbursement" continues to strengthen.
Xiaomi Corporation-W (01810) recorded net buying of HK$12.08 million. CLSA issued a research note stating that Xiaomi's SU7 Ultra locked in 10,000 orders within four minutes of its launch, and the firm projects deliveries of around 90,000 units in 2026. The company also unveiled the Xiaomi 18 Fold and Xiaomi Pad 9 Pro Max, pushing further into the ultra-premium segment with a focus on raising average selling prices and gross margins rather than shipment volume. With the new flagship products, CLSA believes Xiaomi's revenue and profitability will bottom out in the third quarter of 2026 and begin to recover in the fourth quarter.
Additionally, Tencent (00700) drew net buying of HK$43.4 million, while SMIC (00981), Alibaba-W (09988), and Kingboard Holdings (00148) faced net selling of HK$636 million, HK$103 million, and HK$4.87 million, respectively.