Northbound Funds Buy HK$20.528 Billion on Hong Kong Stocks on July 6; Tencent Snaps Up HK$2.493 Billion

According to Zhitong Finance, on July 6, northbound funds made net purchases of HK$20.528 billion on Hong Kong stocks, with Shanghai-Hong Kong Stock Connect accounting for HK$12.552 billion and Shenzhen-Hong Kong Stock Connect for HK$7.975 billion. Tencent Holdings (00700) received net inflows of HK$2.493 billion, coinciding with the official launch of Tencent Hunyuan Hy3, which showed significantly improved performance at comparable model sizes and further reduced pricing.

Meanwhile, optical communications and PCB stocks faced heavy selling pressure. Long Fiber Optic Cable (06869), Kingboard Laminates (01888), Kingboard Group (00148), and SMIC (00981) saw respective net outflows of HK$1.088 billion, HK$1.068 billion, HK$854 million, and HK$818 million. The selloff followed SemiAnalysis reports that Nvidia's Kyber NVL144 rack architecture faced major delays exceeding 12 months, now expected in 2028, attributed partly to manufacturing challenges in PCB core boards.