Daily net buy, last 60 trading days
- latest -2 10-26 · high 14 08-18 · low -11 08-19
Hong Kong fund flows
Mainland money is the one inflow that can be read directly. Share supply, US rates and gold show the pressures around it. Each panel names its source, its latest date and its lag.
- Southbound net, last day
- −2.1 HK$ bn
- 2026-10-26
- Southbound net, 20 days
- −18.7 HK$ bn
- to 2026-10-26
- IPO funds raised, 12 months
- 45.7 HK$ bn
- 151 listings
- US 10y less 2y
- +31 bp
- 2026-10-23
- HIBOR 1m less US 1m bill
- −1.33 pts
- 2026-10-23
- GLD gold held, 20-day change
- −12.9 tonnes
- 2026-10-23
A. Who is buying, and the market around it
Mainland investors through Stock Connect
Southbound net buy is mainland purchases of Hong Kong stocks minus sales, across the Shanghai and Shenzhen links. A positive bar is net buying.
Running total since 2026-04-08
- latest 188 26 Oct 2026 · high 216 12 Oct 2026 · low -22 8 Apr 2026
Market level: S&P/HKEX LargeCap Index
- latest 31,152 26 Oct 2026 · high 34,747 31 Aug 2026 · low 30,790 22 Oct 2026
Total market turnover
- latest 176 10-26 · high 315 08-31 · low 95 10-07
Market level and turnover: HKEX daily quotations, market highlights, from 2026-08-24. The index is the S&P/HKEX LargeCap, which HKEX prints in that file; it is not the Hang Seng Index, which has no free history we could fetch. Turnover covers all securities traded that day, including warrants and bull/bear contracts.
Source: HKEX Stock Connect daily statistics, buy and sell turnover for both links, in HK$ million as published. HKEX keeps only about six months of daily files, so this record begins on 2026-04-08 and grows by one row each trading day.
B. Share supply
New money companies are asking for
IPOs add shares for investors to absorb. Funds raised is the offer size, not a measure of who paid. Selling after listing is not published, so the second chart shows when it first becomes possible: cornerstone investors and controlling shareholders cannot sell for at least six months from listing.
IPO funds raised by month
- latest 1 Oct 26 · high 12 Jul 26 · low 0 Aug 26
Six-month mark: when lock-ups start to end
- latest 1 Apr 27 · high 12 Jan 27 · low 0 Feb 27
Latest listings
| Listed | Company | HK$ bn |
|---|---|---|
| 2026-10-15 | Shenzhen Transsion Holdings Co. Ltd. - H Shares | 0.31 |
| 2026-10-09 | Beijing ESWIN Computing Technology Co. Ltd. - H Shares | 0.24 |
| 2026-09-30 | Shenzhen Camsense Technologies Co. Ltd. - H Shares | 0.07 |
| 2026-09-29 | Shenzhen Kinwong Electronic Co. Ltd. - H Shares | 0.51 |
| 2026-09-29 | RoboTechnik Intelligent Technology Co. Ltd. - H Shares | 0.52 |
| 2026-09-29 | Direct Drive Tech Limited - H Shares | 0.22 |
| 2026-09-29 | Red Avenue New Materials Group Co. Ltd. | 0.30 |
| 2026-09-22 | Ligent Technologies Inc. | 0.57 |
Source: HKEXnews New Listing Report, main board, by listing date; the six-month mark is the listing date plus six months. This is a calendar of when selling becomes possible, valued at offer proceeds. It does not show shares sold, and it understates the blocks held by controlling shareholders, which can be larger than the offering. Some holders stay locked for longer. Listing rules: cornerstone investors, minimum six months; controlling shareholders, six months from listing (Main Board Rule 10.07(1)).
B2. After listing
How recent IPOs are trading
Stocks listed within the previous 12 months, from the day after debut. Each day's turnover is price times shares traded, added up across the group and split by whether each stock closed up or down. Turnover on down days is the best free gauge of selling pressure in these names. It is not money leaving: every trade has a buyer, and nothing public says who sold.
Turnover on up days and down days
- Closed up
- Closed down
- Closed up
- latest 3 26 Oct 2026 · high 18 18 Sept 2026 · low 1 22 Oct 2026
- Closed down
- latest 7 26 Oct 2026 · high 13 15 Oct 2026 · low 1 23 Oct 2026
Net: up-day turnover less down-day turnover
- latest -5 10-26 · high 16 09-18 · low -13 10-15
Share of these stocks trading below their offer price
- latest 72 26 Oct 2026 · high 72 26 Oct 2026 · low 48 27 Aug 2026
Latest day 2026-10-26: 149 stocks, HK$ 10.2 bn traded, 72% of it in stocks that closed down; 72% closed below their offer price; turnover-weighted average move −2.63% against +0.50% for the S&P/HKEX LargeCap Index. Source: HKEX daily quotations (previous close, closing price, shares and turnover), kept only for the cohort. HKEX holds about two months of these files, so the record begins on 2026-08-24 and grows each trading day. The cohort is main board listings from the HKEXnews New Listing Report; stocks without a quote that day are skipped. An up or down label is the day's close against the previous close, so heavy selling that ends in a late rally counts as an up day.
C. Rates and the peg
Why Hong Kong liquidity follows US rates
The Hong Kong dollar is pegged to the US dollar. When US yields run above Hong Kong rates, money can leave the currency until the HKMA steps in, which drains Hong Kong dollar liquidity. So the US curve and the HKMA aggregate balance belong side by side.
US Treasury yields, 2-year and 10-year
- 2-year
- 10-year
- 2-year
- latest 4.7 23 Oct 2026 · high 4.9 28 Sept 2026 · low 3.4 27 Feb 2026
- 10-year
- latest 5.0 23 Oct 2026 · high 5.3 5 Oct 2026 · low 3.7 1 Oct 2024
Hong Kong interbank rates (HIBOR)
- Overnight
- 1-month
- Overnight
- latest 2.3 26 Oct 2026 · high 4.4 31 Dec 2025 · low 0.9 19 Nov 2025
- 1-month
- latest 2.8 26 Oct 2026 · high 3.7 21 Oct 2025 · low 2.0 24 Mar 2026
Aggregate balance: HK$ 54.1 bn at the close on 2026-10-26; it ranged HK$ 53.8 to 58.6 bn over this window. Balance changes only when the HKMA is forced to act on the peg.
The gap: one-month HIBOR less one-month US Treasury bill
- latest -1.3 23 Oct 2026 · high -0.2 23 Sept 2025 · low -1.8 24 Mar 2026
When the gap is negative, holding US dollars pays more than Hong Kong dollars, which encourages selling Hong Kong dollars. A rough guide only: the two rates are quoted on different bases, and the peg and the HKMA's balance settle what actually happens.
Sources: US Treasury daily par yield curve (through 2026-10-23); HKMA daily interbank liquidity page (through 2026-10-26), read from the HKMA website because its open API blocks automated requests. A gap between HIBOR and US rates is what pulls money out of the Hong Kong dollar.
D. Slow-moving
Cross-border investment, US holdings and money supply
The official balance-of-payments figures are the broadest measure of money crossing Hong Kong's border into and out of securities. They arrive about a quarter late, so they confirm a trend; they do not time one.
Portfolio investment, net, by quarter
- latest 480 26 Q2 · high 540 24 Q1 · low -55 23 Q4
Hong Kong-held US Treasuries
- latest 262 1 Aug 2026 · high 278 1 Mar 2026 · low 239 1 Sept 2025
Money supply growth, year on year
- M1, HK$
- M2, HK$
- M2, all currencies
- M1, HK$
- latest 4.7 Aug 2026 · high 23.7 Jun 2025 · low -19.2 Sept 2023
- M2, HK$
- latest 9.9 Aug 2026 · high 9.9 Aug 2026 · low -0.7 Jan 2024
- M2, all currencies
- latest 11.0 Aug 2026 · high 11.6 Dec 2025 · low 2.1 Jan 2024
Latest month: 2026-08
| Measure | HK$ trn | Year on year | All currencies, trn | Year on year |
|---|---|---|---|---|
| M1 | 1.87 | +4.7% | 3.54 | +13.9% |
| M2 | 9.57 | +9.9% | 22.17 | +11.0% |
| M3 | 9.59 | +9.9% | 22.22 | +11.0% |
M1 is cash and demand deposits. M2 adds savings and time deposits. M3 adds deposits with deposit-taking companies and certificates of deposit, so it sits just above M2. Faster M1 growth than M2 means money is moving from time deposits into liquid balances, which usually comes before spending or buying assets.
Sources: Census and Statistics Department, balance of payments, financial account, portfolio investment line (latest 2026-Q2); US Treasury TIC table 5, holdings at month end (latest 2026-08). Under C&SD's sign convention an increase in assets over liabilities is a net financial outflow. Latest quarters are provisional and get revised. TIC records where securities are held, so Hong Kong's figure includes custody for investors elsewhere. Money supply: HKMA monthly statistical bulletin, table 2.2.1, adjusted to include foreign currency swap deposits, in HK$ million at month end (latest 2026-08, published about the 9th of the following month).
E. Another destination
Gold held by the largest US gold fund
Tonnes held by SPDR Gold Shares rise when investors put money into the fund and fall when they take it out, so the change is a flow, unlike the gold price. It is one fund, not the whole gold market.
GLD tonnes of gold, about two years
- latest 1,042 23 Oct 2026 · high 1,101 2 Mar 2026 · low 857 27 Jan 2025
Source: State Street Global Advisors, SPDR Gold Shares daily holdings (through 2026-10-23). Only the tonnes series is kept.
Method
How the IPO aftermarket panel is built
Definitions, formulas and limits
Which stocks
Main board listings from the HKEXnews New Listing Report. A stock is in the group on a given day when that day is after its listing day and before its first anniversary. The listing day is left out because its move from the offer price is the IPO, not the aftermarket. A stock with no quote that day, or a zero previous or closing price (suspended), is skipped for that day.
What is measured each day
From HKEX's daily quotations: previous close, closing price, and turnover in HK$ (price times shares, added up over the day's trades). Each stock is labelled by its close against its previous close.
- Closed up / closed down: total turnover of the stocks that rose, and of those that fell.
- Net: up-day turnover minus down-day turnover. Below zero means more trading in falling stocks.
- Below offer price: stocks closing under their IPO price, as a share of stocks with a known offer price.
- Weighted move: the sum of each stock's turnover times its price change, divided by total turnover.
A worked day
On 22 Oct 2026, 150 stocks qualified and HK$ 12.8 bn changed hands: HK$ 0.5 bn in stocks that rose and HK$ 12.3 bn in stocks that fell. One of them, Zhongji Innolight (03308), went from 781 to 724 on HK$ 1.56 bn of turnover, so it adds 1.56 to the down total and counts as below its HK$ 980 offer price. The index HKEX prints for the same day, the S&P/HKEX LargeCap, fell 3.2%, so most of that day's drop was the market, not just new listings.
What it cannot tell you
- Down-day turnover includes the buyers. It is a pressure gauge, not money leaving the market, and it does not say who sold.
- A close-to-close label hides the day's path: selling that ends in a late rally counts as an up day.
- HKEX's previous close may not be adjusted for rights issues, bonus shares or splits. That was not checked, so a corporate action could show as a false move in one stock.
- GEM listings are not in the source list, and stocks are matched by code.
- HKEX keeps about two months of these files, so the record starts on 2026-08-24 and cannot be extended backwards.
The full definitions, file layouts and operating notes are in docs/hk-fund-flows.md in the repository.