CICC released its Overseas Chinese Equity Strategy Report, saying that since mid-April, the Hong Kong stock market has closed higher for four consecutive weeks, with the HSI having rebounded by nearly 20% since the bottom, once returning to near 19,600 points, a record high since August last year.
Focusing on the top 20 foreign asset-managing institutions with actively managed portfolios in terms of their Chinese stock holdings (accounting for 22.7% of the total), their Chinese stock holdings in 1Q24 amounted to US$137.1 billion, a drop of 2.7% from US$140.8 billion in 4Q23. CICC estimated that the above leading institutions reduced their positions in A-shares and Chinese stocks by 1.8% and 7.8% respectively, but increased their holdings of Hong Kong stocks by about 2.5% QoQ. Despite the increase in Hong Kong stocks in 1Q, Hong Kong stocks currently account for about 2.2% of the total assets of the 20 institutions mentioned above, still significantly lower than the average of 3.2% since 2020.
In terms of sectoral preferences, these asset managers reduced their holdings in business and professional services, insurance, and software & services, while increasing their positions in consumer staples, telecoms services and consumer services.
7 stocks with significant long positions were added to the top 20 holdings of the institutions above. In terms of individual stocks, holdings in MEITUAN-W (03690.HK) -1.100 (-0.912%) Short selling $462.59M; Ratio 15.688% , TENCENT (00700.HK) -2.600 (-0.676%) Short selling $960.29M; Ratio 13.753% , TRIP.COM-S (09961.HK) -12.400 (-2.878%) Short selling $64.47M; Ratio 9.614% and ANTA SPORTS (02020.HK) -1.950 (-2.185%) Short selling $26.27M; Ratio 8.978% were increased the most, while holdings in YUM CHINA (09987.HK) -12.400 (-4.186%) Short selling $33.42M; Ratio 26.557% , BABA-SW (09988.HK) -4.350 (-5.241%) Short selling $865.26M; Ratio 10.895% , NIO-SW (09866.HK) -1.800 (-4.311%) Short selling $41.10M; Ratio 33.154% and PICC P&C (02328.HK) -0.080 (-0.777%) Short selling $53.80M; Ratio 18.356% were reduced the most.
The top 20 long positions of the above leading fund managers totalled 121 Chinese stocks in 1Q24, down by 1 from 4Q23. Specifically, there were 9 new entries into the top 20 positions, including Hong Kong-listed BOSS ZHIPIN-W (02076.HK) +2.850 (+3.455%) Short selling $8.45K; Ratio 0.400% (BZ.US) , XINYI SOLAR (00968.HK) -0.150 (-2.737%) Short selling $43.23M; Ratio 20.436% , CHINAHONGQIAO (01378.HK) -0.420 (-3.547%) Short selling $41.57M; Ratio 7.690% , HWORLD-S (01179.HK) -0.900 (-3.098%) Short selling $14.45M; Ratio 16.843% and HAITIAN INT'L (01882.HK) -0.350 (-1.370%) Short selling $3.65M; Ratio 16.211% .
On the other hand, 10 stocks that were among the top 20 long positions in 4Q23 failed to make the list in 1Q24, including Hong Kong-listed HANSOH PHARMA (03692.HK) +0.080 (+0.465%) Short selling $11.28M; Ratio 22.783% , GANFENGLITHIUM (01772.HK) -1.900 (-7.393%) Short selling $32.57M; Ratio 16.027% , LONGFOR GROUP (00960.HK) -0.420 (-2.849%) Short selling $67.75M; Ratio 24.948% , CHINA TOWER (00788.HK) +0.001 (+0.108%) Short selling $15.53M; Ratio 12.977% and BYD ELECTRONIC (00285.HK) -1.150 (-3.377%) Short selling $34.73M; Ratio 10.150% .
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-23 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
