Wave of listings provides more ‘pure-play’ AI investment options across mainland and Hong Kong exchanges, BNP Paribas says
2-MIN READ2-MIN ListenYulu AoPublished: 12:49pm, 23 Apr 2026Updated: 12:52pm, 23 Apr 2026Mainland Chinese investors have slowed their purchases of Hong Kong-listed shares this year after last year’s record inflows, as more artificial intelligence investment opportunities have emerged in mainland markets, according to BNP Paribas.Southbound inflows via the Stock Connect cross-border system have reached about US$30 billion so far this year, a slower pace than 2025, when they hit US$180 billion for the full year, according to the French bank. The deceleration reflected changing market dynamics rather than a retreat from Chinese assets, BNP Paribas strategists said at a media briefing on Tuesday.“Investors are still positive on China’s AI story,” said Jason Lui, head of Asia-Pacific equity and derivative strategy, adding that the difference this year was that they had “more options to express those views”.
As a result, investors were increasingly shifting from broad index exposure to more selective bets on individual companies, reducing the need to rely on Hong Kong-listed internet stocks as proxies for the AI theme, according to the bank.
The slowdown in southbound inflows also reflected a higher base after last year’s surge, said Kenny Tang Sing-hing, chairman of the Hong Kong Institute of Financial Analysts and Professional Commentators.
