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a-shares are closed, and hong kong stocks are full of enthusiasm.

after yesterday's correction, the hong kong market resumed its strong trend on october 4. in terms of indexes, hong kong's hang seng index closed up 2.82% at 22,736.87 points, setting a new high in two and a half years. the hang seng index rose 4.99% to 5,227.13 points.

looking at individual stocks, in today’s stock market, hongguang semiconductor’s stock price soared by more than 285%, solomon islands semiconductor’s stock price also increased by 70%, huahong semiconductor and smic’s stock prices both increased by nearly 30%, and chinese brokerage stocks they also performed well. zhongzhou securities' stock price rose by more than 29%, shenwan hongyuan's stock price rose by more than 25%, and guolian securities' stock price rose by more than 27%.

judging from recent foreign investment trends, many foreign investment institutions are also rushing to raise funds for hong kong stocks. on october 4, the latest disclosure information from the hong kong stock exchange showed that on september 27, jpmorgan chase purchased china pacific insurance h shares for hk$267 million, byd h shares for hk$1.791 billion, tsingtao beer h shares for hk$242 million, and hong kong stock exchange h shares. 1.813 billion hong kong dollars per share. in other words, jpmorgan chase spent hk$4.1 billion on chinese assets in one day.

market participants shouted: "foreign capital has come to china to 'rob money'!"

j.p. morgan scanned hong kong stocks for rmb 4.1 billion in a single day

since september, the hong kong stock market has experienced a rapid rise. although the market's rapid rise has triggered concerns about a short-term correction, the recent trends of large foreign institutions show that they are still actively increasing their holdings of hong kong stocks.

for example, jpmorgan chase has been particularly active in this wave of accumulation. according to recent data disclosed by the hong kong stock exchange, many hong kong listed companies including hong kong stock exchange, byd co., ltd., bilibili-w, jiumaojiu international, and ganfeng lithium have received increased holdings from jpmorgan chase.

specifically, jpmorgan chase increased its holdings of approximately 6.52 million h shares of byd on september 27, with an average transaction price of hk$274.5244 and an investment of approximately hk$1.791 billion. since then, jpmorgan chase’s position has increased from 4.85% to 5.45%. it increased its holdings of approximately 6.1164 million shares on the hong kong stock exchange, involving an investment of approximately hk$1.813 billion. after the increase in holdings, jpmorgan chase’s latest shareholding amount was approximately 81.42 million shares, and its position ratio increased from 5.93% to 6.42%.

on the same day, jpmorgan chase increased its holdings of approximately 10.14 million shares of china pacific insurance at an average price of hk$26.2491 per share, involving an investment of approximately hk$267 million. jpmorgan chase's position ratio increased from 6.98% to 7.35%. tsingtao brewery's shares were increased to approximately 4.375 million h shares, involving an investment of approximately hk$242 million. after increasing its holdings, jpmorgan chase's latest position ratio increased from 7.60% to 8.27%.

on the previous trading day, september 26, jpmorgan chase had increased its holdings of 39,861,682 h shares of china ping an, at a cost of approximately hk$1.771 billion, and its shareholding ratio increased to 8.28%. on september 25, jpmorgan chase had increased its holdings by 895 million china merchants bank h shares in hong kong dollars.

foreign capital is rushing to enter the market

judging from recent foreign investment trends, many foreign investors are quickly joining this “carnival”.

according to the latest data from bloomberg, the scale of funds invested in emerging market etfs listed in the united states has increased significantly in the past week, with the total amount reaching us$3.87 billion, setting a single-week record high since december last year.

among this capital inflow, it mainly went to china’s hong kong and a-share markets, with a total inflow of us$2 billion. especially among the four major etfs targeting the chinese market, they attracted approximately us$1.44 billion in new funds this week, setting a new high since 2022.

the kraneshares csi china internet etf attracted $516 million in inflows. this was closely followed by the xtrackers harvest csi 300 china a-share etf, which also saw inflows of $497 million. meanwhile, the ishares china large cap etf also saw a rebound in inflows, attracting a total of $271 million. in addition, the ishares msci china etf also achieved net inflows of more than $160 million.

in addition, it is reported that mount lucas management, a hedge fund from the united states, has established a bullish position in china etfs, and singapore's gao capital and south korea's timefolio asset management are buying chinese blue-chip stocks.

a recent research report from guosen securities stated that since late september, foreign capital has been accelerating its inflow into the chinese stock market. in 2024 (year to date), the net inflow of chinese equity funds has exceeded that of the whole of 2021. take the long-china etf products in the u.s. stock market as an example. the weekly turnover of most products as of september 27 increased by 6-7 times compared with the previous week.

tianfeng securities said that compared with the global market, chinese assets are still cost-effective. on the basis of expectations for gradual recovery and expectations for subsequent gradual improvement in fundamentals, current hong kong stocks and chinese concept stocks still have attractive valuations and a high risk-return ratio.

a september a-share research report released by j.p. morgan on october 2 stated that the politburo meeting unexpectedly called for strong policies to stimulate a strong rebound in a-shares. this rebound was driven by three major factors: a decrease in the short-selling ratio, an increase in financing, and investor excitement. mood. specifically, as of september 30, the short-selling ratio in the hong kong market dropped from 21.8% on september 16 to 10.2%; the proportion of a-share financing in total trading volume increased from 7.4% on september 20. 10.5% on the 27th.

jpmorgan chase believes that global funds' exposure to the chinese stock market may narrow due to the excitement among retail investors, as evidenced by the surge in the number of new account openings. the sustainability of the a-share rebound lies in the strength of fiscal policy, macro data and earnings revisions.

the number of hong kong stocks held by foreign investors is also still rising. wind data shows that based on the number of shares held by international intermediaries, as of october 3, there were 2,632 hong kong stocks held by international intermediaries in the market. hong kong stocks were bought in the past week there are a total of 1,054 foreign-funded institutions, accounting for more than 40%.

among them, the hong kong stock that was most increased by international intermediaries within a week was bosideng, which increased its holdings by about 499 million shares and currently holds 9.591 billion shares. hong kong stocks such as sensetime-w, china construction bank, gcl technology, and industrial and commercial bank of china were purchased by foreign investors during the week. institutions increased their holdings more than 200 million shares.

the high-dividend sector, led by banking stocks, is favored by international funds. international intermediaries hold the largest number of china construction bank shares, reaching 59.161 billion shares, the number of h shares held by bank of china reached 44.324 billion, and the number of h shares held by industrial and commercial bank of china and agricultural bank of china. 43.831 billion shares and 28.284 billion shares respectively. in addition, icbc, bank of china, etc. were all heavily increased by international intermediaries during the week, with the amount of shares exceeding 100 million.