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<Research>HSBC Research: Southbound Funds Drive Up HK-listed Financials; Further Upside Expected
Recommend 59 Positive 100 Negative 45 |
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A significant inflow of southbound funds drove the rise of Hong Kong-listed financials, with expectations of further upside potential ahead, HSBC Global Research issued a research report saying. The broker was optimistic about Hong Kong financials and some Chinese financials, and raised its target prices by 1.4-26.5%. The H-share banks covered by HSBC Global Research have risen by 68-128% since the end of 2023, outperforming the HSCEI by 12-71 ppts during the same period, the report noted. Southbound investors currently hold about 37% of the free float shares of Chinese banks covered by the broker, representing an increase from 21.4% at end-2023. The broker believed that the increase in southbound funds may enhance the stock price resilience of the industry during future downturns. HSBC Global Research was optimistic about HKEX (00388.HK), BOC HONG KONG (02388.HK), ICBC (01398.HK)'s H-shares, CCB (00939.HK)'s 's H-shares, CM BANK (03968.HK)'s H-/ A-shares, PING AN (02318.HK)'s H-shares and CPIC (02601.HK)'s H-/ A-shares, all of which rated at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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