HSBC Global Research released a report listing the H-shares most favored by domestic active mutual funds in 2Q25 as follows:

Stock|Industry|Net Buy (RMB)
INNOVENT BIO (01801.HK)  -5.000 (-5.102%)    Short selling $101.77M; Ratio 4.466%   |Healthcare|5 billion
3 3SBIO (01530.HK)  -1.900 (-5.919%)    Short selling $137.10M; Ratio 6.928%   |Healthcare|4.9 billion
JD HEALTH (06618.HK)  -1.550 (-3.082%)    Short selling $117.26M; Ratio 26.902%   |Healthcare|2.9 billion
CSPC PHARMA (01093.HK)  -0.030 (-0.302%)    Short selling $505.63M; Ratio 16.999%   |Healthcare|1.9 billion
HKEX (00388.HK)  -10.000 (-2.342%)    Short selling $354.78M; Ratio 8.476%   |Financials|1.4 billion

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SMOORE INTL (06969.HK)  -1.220 (-5.755%)    Short selling $188.48M; Ratio 16.046%   |Consumer Discretionary|1.1 billion
LI AUTO-W (02015.HK)  -3.300 (-3.179%)    Short selling $753.94M; Ratio 29.187%   |Consumer Discretionary|1 billion
TCL ELECTRONICS (01070.HK)  -0.190 (-1.870%)    Short selling $5.07M; Ratio 9.348%   |Consumer Discretionary|1 billion
AKESO (09926.HK)  +1.700 (+1.100%)    Short selling $171.64M; Ratio 10.028%   |Healthcare|0.9 billion
PING AN (02318.HK)  -1.050 (-1.946%)    Short selling $928.57M; Ratio 22.144%   |Financials|0.9 billion
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HSBC also listed the H-shares most favored by Southbound capital in 2Q as follows:

Stock|Industry|Net Buy (RMB)
MEITUAN-W (03690.HK)  +0.600 (+0.493%)    Short selling $1.89B; Ratio 27.601%   |Consumer Discretionary|39.9 billion
BABA-W (09988.HK)  +1.200 (+1.037%)    Short selling $662.20M; Ratio 7.482%   |Consumer Discretionary|33 billion
CCB (00939.HK)  -0.160 (-1.988%)    Short selling $755.09M; Ratio 32.855%   |Financials|29.3 billion
CM BANK (03968.HK)  -0.700 (-1.373%)    Short selling $321.86M; Ratio 42.541%   |Financials|17.7 billion
CHINA MOBILE (00941.HK)  -0.200 (-0.232%)    Short selling $179.06M; Ratio 17.175%   |Telecomm|17.4 billion

CHINA SHENHUA (01088.HK)  -0.550 (-1.615%)    Short selling $124.85M; Ratio 35.107%   |Energy|12.5 billion
BANK OF CHINA (03988.HK)  -0.030 (-0.661%)    Short selling $286.37M; Ratio 27.954%   |Financials|11.8 billion
INNOVENT BIO (01801.HK)  -5.000 (-5.102%)    Short selling $101.77M; Ratio 4.466%   |Healthcare|10.1 billion
GTHT (02611.HK)  -0.320 (-1.891%)    Short selling $59.17M; Ratio 9.238%   |Financials|9.7 billion
LI AUTO-W (02015.HK)  -3.300 (-3.179%)    Short selling $753.94M; Ratio 29.187%   |Consumer Discretionary|8.7 billion
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-01 16:25.)

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