# capital flows

Mainland Investors Trim Hong Kong Exposure; Alibaba Tops Southbound Selling as Pop Mart Draws Fresh Buys

Mainland investors net sold about HK$1.601 billion in Hong Kong stocks on January 23, with Alibaba and China Mobile among the largest net sold positions while Pop Mart drew sizable buys. The flows reflect selective profit-taking and sector rotation rather than a broad retreat from Hong Kong equities.