Shares of Wuxi Biologics (2269.HK) soared 6.4% on Tuesday, outperforming the broader Hong Kong market, as mainland Chinese investors significantly increased their purchases of the biotech company's stock ahead of the National Day holiday.
According to a report by the South China Morning Post, mainland traders bought a net HK$12.1 billion worth of Hong Kong stocks on Monday, with Wuxi Biologics being one of the top targets. The buying frenzy from investors north of the border helped push overall trading volume in the city to a record-high HK$505.8 billion.
Year-to-date, mainland investors have bought $64 billion of Hong Kong stocks, exceeding the total $42 billion purchased in 2023. The increased appetite for Hong Kong equities, particularly in high-growth sectors like biotechnology, has provided a boost to companies like Wuxi Biologics as the city's financial markets gear up for the National Day break.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.