Summary of Key Points Core Viewpoint - The Hong Kong stock market saw significant net inflows from Northbound trading, with a total net buy of 120.46 billion HKD on August 29, 2023, indicating strong investor interest in certain stocks, particularly Tencent and Alibaba [1]. Group 1: Northbound Trading Activity - Northbound trading recorded a net buy of 120.46 billion HKD, with 13.42 billion HKD from the Shanghai Stock Connect and 107.04 billion HKD from the Shenzhen Stock Connect [1]. - The most bought stocks included Tencent (00700), Alibaba-W (09988), and Innovent Biologics (01801) [1]. - The most sold stocks were Xiaomi Group-W (01810), New China Life Insurance (01336), and SMIC (00981) [1]. Group 2: Individual Stock Performance - Tencent (00700) had a net buy of 15.83 billion HKD, supported by strong performance from its mobile game "Valorant," with projected first-year revenue of 5 to 6 billion RMB [4]. - Alibaba-W (09988) saw a net buy of 11.49 billion HKD, reporting Q1 FY2026 revenue of 247.65 billion RMB, a 2% year-on-year increase, and a record high capital expenditure of 38.68 billion RMB, up 220% [5]. - Innovent Biologics (01801) received a net buy of 7.18 billion HKD, with a 50.6% increase in revenue to approximately 6 billion RMB in the first half of the year, exceeding market expectations [5]. Group 3: Notable Net Sales - Xiaomi Group-W (01810) faced a net sell of 8.61 billion HKD, with a 40% year-on-year increase in automotive revenue, but smartphone business margins were under pressure due to rising storage costs [7]. - New China Life Insurance (01336) experienced a net sell of 3.34 billion HKD, despite reporting a 25.5% increase in revenue to 69.43 billion RMB and a 33.5% increase in net profit [7]. - SMIC (00981) had a net sell of 614.7 million HKD, reflecting ongoing challenges in the semiconductor sector [7].