{"id":14545,"date":"2025-05-18T06:55:25","date_gmt":"2025-05-18T06:55:25","guid":{"rendered":"https:\/\/infundpros.com\/?p=14545"},"modified":"2025-05-18T06:55:25","modified_gmt":"2025-05-18T06:55:25","slug":"hong-kong-stocks-outperform-mainland-china-by-most-since-2008","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=14545","title":{"rendered":"Hong Kong stocks outperform mainland China by most since 2008"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=2f7dfc49-f8be-4bcb-912c-3d05513f6139\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Hong Kong shares have outperformed their mainland peers by the largest margin in nearly two decades, as money pours in from China due to worries about the domestic economy and enthusiasm for the territory\u2019s technology stocks.<\/p>\n<p>The benchmark Hang Seng index is up 16.4 per cent this year compared with a 1.2 per cent decline in mainland China\u2019s CSI 300 index \u2014 the biggest outperformance year to date since 2008.<\/p>\n<p>The rally has been boosted by the rise of DeepSeek, the Chinese start-up that claims artificial intelligence advances using far less computing power than US rivals, which has encouraged investor appetite for Hong Kong-listed technology stocks. <\/p>\n<p>The territory\u2019s stocks, which plummeted more sharply than mainland equities after US President Donald Trump\u2019s \u201cliberation day\u201d tariff announcement in April, have also been helped by easing tensions in the US\/China trade war. <\/p>\n<p>The rally comes as money from mainland China flows into Hong Kong at record high levels.<\/p>\n<p>\u201cThe majority of the strong outperformance this year from Hong Kong has been driven by southbound flows [from the mainland],\u201d said James Wang, head of China equity strategy at UBS.<\/p>\n<p>\u201cA lot of that has been driven by the AI trade,\u201d he added, pointing to the higher proportion of AI stocks in Hong Kong than the mainland.<\/p>\n<p>Hong Kong\u2019s outperformance also \u201cstems from fundamental differences in market composition\u201d, said Wei Li, head of multi-asset investments for China at BNP Paribas. <\/p>\n<p>\u201cThe Hang Seng index\u2019s heavy weighting towards globally liquid sectors \u2014 such as technology and finance \u2014 has allowed it to capitalise on the Federal Reserve\u2019s dovish pivot and renewed appetite for Chinese tech stocks.\u201d<\/p>\n<p>Chinese technology companies such as Tencent and Alibaba are listed in Hong Kong and the US but not on the mainland. Alibaba first became available to mainland investors in September after the company upgraded its listing in Hong Kong.<\/p>\n<p>A meeting between Chinese President Xi Jinping and the country\u2019s technology companies in February was also seen as positive for both mainland and Hong Kong stocks, but particularly for the latter.<\/p>\n<p>\u201cInvestors feel the government is giving the green light for the tech sector to grow again,\u201d said Tai Hui, chief Asia market strategist at JPMorgan Asset Management. <\/p>\n<p>China\u2019s economy has been hit hard by the collapse in the property market and the trade war with the US, which has helped Hong Kong\u2019s outperformance. <\/p>\n<p>\u201cThere has generally been concern about the domestic economy in China being weak,\u201d said Andrew Tilton, chief Asia-Pacific economist and head of EM economic research at Goldman Sachs. <\/p>\n<p>Hong Kong is likely to benefit from any moves out of US equities into other markets and from further Fed rate cuts in the second half of the year, said JPMorgan\u2019s Hui.<\/p>\n<p>\u201cHong Kong is gathering capital both from Chinese investors and international investors\u201d as it is easier for overseas investors to buy equities in the city than in mainland China, Hui added. <\/p>\n<p>International money flowing into Hong Kong appears to be from shorter-term investors, such as hedge funds, rather than longer-term market participants such as pension funds, according to UBS\u2019s Wang.<\/p>\n<p>\u201cI wouldn\u2019t say there\u2019s a huge influx of long-only money coming back into the China equity market just yet,\u201d he added. \u201cInvestors have been burned for quite a long time in China.\u201d <\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/2f7dfc49-f8be-4bcb-912c-3d05513f6139\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Hong Kong&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14545","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hong Kong stocks outperform mainland China by most since 2008 | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Hong Kong shares have\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=14545\" \/>\n<meta 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