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| HSI1 | 24,823.58 | +72.80 | 25.94B |
| HSCEI1 | 8,248.98 | +23.58 | 6.71B |
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2026-09-18 13:20:52 During Citi's recent marketing visits to the UK and Europe, most investors retained key holdings in TENCENT (00700.HK) and BABA-W (09988.HK). Some investors also held TRIP.COM-S (09961.HK), NTES (09999.HK), JD-SW (09618.HK) and Vipshop (VIPS.US). There was also discussion interest in SE Asia ride-hailing and food delivery giant Grab (GRAB.US) and Singapore-based Sea Limited (SE.US). European investor sentiment was mixed. Most agreed that the macro environment remained the biggest headwind, but valuations were appealing, with some specifically noting that TENCENT should trade at a higher valuation. Discussions also focused on China-US AI models, capex, computing power constraints, regulation, and the impact of US frontier laboratories slowing model advancement, the broker noted. Compared with US investors, many investors focused more on emerging markets and showed better sentiment and stronger interest in China's large-cap internet stocks. Other companies discussed included BIDU-W (09888.HK), MEITUAN-W (03690.HK), PDD Holdings Inc. (PDD.US), TME-SW (01698.HK), KUAISHOU-W (01024.HK) and BOSS ZHIPIN-W (02076.HK). Investor positioning in TENCENT was slightly higher than in BABA-W, with both remaining core China internet holdings for most funds. Regarding TENCENT, some investors believed the valuation was highly attractive and were optimistic about longer-term agentic AI opportunities, though concerns remained over the investment cycle, whether core businesses had reached growth limits, and whether gaming and advertising revenue growth could be sustained. Some clients also believed TENCENT should increase capex more aggressively. Regarding BABA-W, most investors agreed it was a stronger full-stack AI player and were comfortable with trends in cloud revenue growth and margins. Discussions also covered the Qwen model, potential MaaS revenue opportunities, and the rationale and timing behind the recent equity financing instead of debt or convertible bond financing. ~ AASTOCKS Financial News Website: www.aastocks.com | |