Core Insights - On October 22, 2025, Alibaba-W (09988), SMIC (00981), and Innovent Biologics (01801) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 4.114 billion, 3.407 billion, and 3.239 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Innovent Biologics (01801), Alibaba-W (09988), and Pop Mart (09992) led the trading volume, with amounts of 2.684 billion, 2.466 billion, and 2.336 billion respectively [1] Southbound Stock Connect (Hong Kong-Shanghai) - Top three active stocks by trading amount: - Alibaba-W (09988): 4.114 billion, net buy of -0.18 billion - SMIC (00981): 3.407 billion, net buy of 0.292 billion - Innovent Biologics (01801): 3.239 billion, net buy of 0.374 billion [2] - Other notable stocks include: - Pop Mart (09992): 2.730 billion, net buy of 0.199 billion - Tencent Holdings (00700): 1.716 billion, net buy of 0.259 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top three active stocks by trading amount: - Innovent Biologics (01801): 2.684 billion, net buy of -0.253 billion - Alibaba-W (09988): 2.466 billion, net buy of 0.172 billion - Pop Mart (09992): 2.336 billion, net buy of 0.041 billion [2] - Other notable stocks include: - SMIC (00981): 1.857 billion, net buy of 0.350 billion - Tencent Holdings (00700): 1.081 billion, net buy of 0.049 billion [2]