On August 21st, the Hong Kong stock market saw southbound capital record a net selling of HK$7.63 billion. Specifically, the Shanghai-Hong Kong Stock Connect posted net selling of HK$5.133 billion, while the Shenzhen-Hong Kong Stock Connect registered net selling of HK$2.496 billion. The stocks that attracted the most net buying were MINIMAX-W (00100), Yangtze Optical Fibre and Cable (06869), and Pop Mart (09992). Conversely, the stocks with the highest net selling were Alibaba-W (09988), Tencent (00700), and GigaDevice (03986).

For active trading stocks, MINIMAX-W (00100) received net buying of HK$480 million. MiniMax officially launched its multimodal creation Agent workstation, MiniMax Design. This marks the first official creation Harness built around the H3 open-source model, with the goal of integrating the model's generation and editing capabilities into commercial content production workflows. According to CICC, MiniMax H3 has reached the top tier of multimodal models, and combined with its high cost-performance ratio and productization capabilities like the MiniMax Design creation platform, it is expected to boost the company's ARR.

Yangtze Optical Fibre and Cable (06869) saw net buying of HK$33.27 million. Customs import and export statistics show that in July, the export unit price of optical fibres and cables in China rose again, setting a new annual high. China Securities points out that AI is reshaping the development logic of the optical fibre industry. As the only company globally that masters all three preform processes, the company is well-positioned to benefit from the simultaneous rise in industry volume and price. Additionally, its controlling stake in Changxinsheng, which focuses on AI high-speed interconnect components, extends its industry chain downstream, creating a dual-drive growth path for data centre incremental opportunities.

Pop Mart (09992) recorded net buying of HK$17.8 million. Pop Mart reported first-half revenue of RMB 17.17 billion, up 23.8% year-on-year. Adjusted net profit reached RMB 5.16 billion with an adjusted net profit margin of 30%, and gross margin stood at 69.7%. The group's performance showed steady growth with continuous improvements in operational quality. Additionally, according to Wang Ning, the group will initiate a share buyback plan of no less than RMB 2 billion and no more than RMB 5 billion over the next six months, marking the first time such a plan has been announced during an earnings conference.

GigaDevice (03986) faced net selling of HK$137 million. BOCOM International noted that GigaDevice's performance has capitalized on the storage price increase benefits, and the storage boom is expected to persist, with a positive outlook for fundamentals in 2026/27 while maintaining a buy rating. However, considering the potential marginal slowdown in storage price growth, coupled with the cyclical downward pressure from future dedicated storage capacity releases, and the possibility of more dispersed investment opportunities in the domestic storage sector, the A-share target price has been lowered to RMB 687.

Tencent (00700) and Alibaba-W (09988) experienced net selling of HK$703 million and HK$1.283 billion, respectively. Tencent's results show second-quarter capital expenditure reached RMB 52.784 billion, up 176% year-on-year and 65% quarter-on-quarter, far exceeding the market expectation of RMB 32.1 billion, with free cash flow recording a negative RMB 13.8 billion. Alibaba's latest financial report also indicates quarterly capital expenditure increased 75% year-on-year to RMB 67.678 billion. Furthermore, Kingboard Laminates (01888) and SMIC (00981) saw net selling of HK$98.23 million and HK$112 million, respectively.