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

Chinese mainland investors rotated into Hong Kong stocks tied to artificial intelligence and pulled out of companies in traditional industries in August, taking advantage of a market dip to boost bets on the world’s most cutting-edge technology.AI model developer MiniMax Group logged net buying of HK$10.1 billion (US$1.29 billion) last month, the most among the Hong Kong-listed companies available for China’s onshore investors through the Stock Connect programme, according to data compiled by Wind Information. 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.Hua Hong Grace Semiconductor, China Construction Bank, China Life Insurance and Industrial and Commercial Bank of China (ICBC) were among those that bore the brunt of selling, the data showed.