Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Tencent Holdings Ltd. is a Chinese multinational technology and entertainment conglomerate. It provides a wide range of internet-related services and products, including social communication platforms like Weixin/WeChat and QQ, online games, digital content, and fintech services. The company was founded in 1998 and is headquartered in Shenzhen, China.

<ul>
<li>In the past two weeks we have had higher Southbound volumes, averaging US$18bn a day for the past ten days. The past week saw BIG inflows. The week before negative.</li>
<li>ETFs are seeing a LOT of two-way trade on certain days. Often, inbound ETF flows turn into single stock buying on the follow. "China-in-the-name" names are getting sold.</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers. Recently used tools are now sticky.</li>
</ul>


In the past two weeks we have had higher Southbound volumes, averaging US$18bn a day for the past ten days. The past week saw BIG inflows. The week before negative.
ETFs are seeing a LOT of two-way trade on certain days. Often, inbound ETF flows turn into single stock buying on the follow. "China-in-the-name" names are getting sold.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used tools are now sticky.


HK Connect SOUTHBOUND Flows (2 Wks to 13Mar2026) - Higher Volumes, Lots of ETF Trading, Net Inflows

<ul>
<li>Southbound is seeing lower volumes, and a long Spring Festival holiday. Net value purchased in the week after Spring Festival was lower.</li>
<li>INFO TECH and CONSUMER DISCRETIONARY (and Properties) are net bought. MATERIALS and HEALTHCARE were big net sells, especially relative to value traded.</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers. Recently used are now sticky.</li>
</ul>


Southbound is seeing lower volumes, and a long Spring Festival holiday. Net value purchased in the week after Spring Festival was lower.
INFO TECH and CONSUMER DISCRETIONARY (and Properties) are net bought. MATERIALS and HEALTHCARE were big net sells, especially relative to value traded.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used are now sticky.


HK Connect SOUTHBOUND Flows (Week After Spring Festival 2026) - Volatile Spreads, Gently Wider

<ul>
<li>HK$120bn+/Day of gross SOUTHBOUND activity last two weeks, and net buying of HK$59bn. Tencent very strongly bought. China Mobile sell streak ended with strong buying last Tues-Fri.</li>
<li>There are upcoming index rebals for HK/China. Our predictions for the M Global rebal announced tonight are <a href="https://www.smartkarma.com/insights/quiddity-predictions-for-the-major-global-index-rebal-in-feb-2026" target="_blank" rel="noopener">here</a> and we have <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-hscei-mar26-one-index-change-likely-announcement-soon" target="_blank" rel="noopener">HSCEI</a>, <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-hsiii-mar26-announcement-next-week-4-changes-likely" target="_blank" rel="noopener">HSIII</a>, <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-hstech-mar26-no-changes-likely-us-860mn-one-way-announcement-next-week" target="_blank" rel="noopener">HSTECH</a> as well as <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-star-50-100-mar26-us-3-8bn-total-one-way-flows-some-signs-of-pre-positioning" target="_blank" rel="noopener">Star50/100</a> coming too.</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers. Recently used are now sticky.</li>
</ul>


HK$120bn+/Day of gross SOUTHBOUND activity last two weeks, and net buying of HK$59bn. Tencent very strongly bought. China Mobile sell streak ended with strong buying last Tues-Fri.
There are upcoming index rebals for HK/China. Our predictions for the M Global rebal announced tonight are here and we have HSCEI, HSIII, HSTECH as well as Star50/100 coming too.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used are now sticky.


HK Connect SOUTHBOUND Flows (2Wks To 6Feb26) -  Tencent Bought Bigly, China Mobile Sell Streak Ends

<ul>
<li>HK$101bn+/Day of gross SOUTHBOUND activity last week, and net buying of HK$23+bn. The gross volumes are down a bit but net continues strongly.</li>
<li>China Mobile was shellacked with net selling every day last week (actually net sold every day since 11 Dec). The numbers are very impressive.</li>
<li>ETFs were net purchased in some size last week which usually means a swing to stocks and sale of ETFs this week.</li>
</ul>


HK$101bn+/Day of gross SOUTHBOUND activity last week, and net buying of HK$23+bn. The gross volumes are down a bit but net continues strongly.
China Mobile was shellacked with net selling every day last week (actually net sold every day since 11 Dec). The numbers are very impressive.
ETFs were net purchased in some size last week which usually means a swing to stocks and sale of ETFs this week.


HK Connect SOUTHBOUND Flows (Week To 23 Jan 2026) - China Mobile Shellacked Again. Tech Bought Again

<ul>
<li>HK$128bn+/Day of gross SOUTHBOUND activity the first two weeks of the year, and net buying of HK$43bn.</li>
<li>Relatively high div low vol SOEs were net sold. Again. China Mobile shellacked with net selling every day for 10 days (actually net sold every day since 11 Dec). </li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


HK$128bn+/Day of gross SOUTHBOUND activity the first two weeks of the year, and net buying of HK$43bn.
Relatively high div low vol SOEs were net sold. Again. China Mobile shellacked with net selling every day for 10 days (actually net sold every day since 11 Dec). 
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


HK Connect SOUTHBOUND Flows (2Wks To 16 Jan 2026) - China Mobile Sold Heavily, Tech Bought Heavily

Northbound/Southbound Insights
Insights on Northbound/Southbound Flows

HK Connect SOUTHBOUND Flows (2 Wks to 13Mar2026) - Higher Volumes, Lots of ETF Trading, Net Inflows

Southbound volumes are up. SOEs are getting sold. ETFs, Consumer Discretionary, and Tech are getting bought. Tis the season.

Travis Lundy

HK Connect SOUTHBOUND Flows (Week After Spring Festival 2026) - Volatile Spreads, Gently Wider

Flows were quiet in the run-up to Spring Festival, and in the week afterwards. We will have to wait and see how the first full week post CNY shapes...

Travis Lundy

HK Connect SOUTHBOUND Flows (2Wks To 6Feb26) - Tencent Bought Bigly, China Mobile Sell Streak Ends

A soft week then a big week in HK Southbound. ETF flows abated in the week to 30 Jan, then Tech BOOMED in the week to 6 Feb. Tencent saw huge...

Travis Lundy

HK Connect SOUTHBOUND Flows (Week To 23 Jan 2026) - China Mobile Shellacked Again. Tech Bought Again

SOUTHBOUND investors continued net buying HK stocks last week at a similar pace to the previous two weeks. They sold China Mobile at an even faster...

Travis Lundy

HK Connect SOUTHBOUND Flows (2Wks To 16 Jan 2026) - China Mobile Sold Heavily, Tech Bought Heavily

SOUTHBOUND started the year with net buying. Except for China Mobile. That has been net sold by SB every day since 11 Dec 2025. A bit mixed but...

Travis Lundy