Southbound added Wynn Macau, MGM China & Sands China recently    Southbound flows are mainland Chinese buying HK listed stocks. For the overallHK market, southbound flows account for 16% of gross HK cash market turnover.For Macau stocks, Southbound was a net seller from June to August becauseSouthbound favorite SJM (0880.HK, Hold) disappointed in its 1H17results. Afterthe summer, Southbound returned as a net buyer of the sector in September-October, initially adding Wynn Macau(1128.HK, Buy) and MGM China (2282.HK,Buy) and recently adding Sands China(1928.HK, Hold), while reducing netpositions in Galaxy (27.HK, Hold). Click here for Fig 3-4.    October net buying by Southbound investors    For the month of October, as a percentage of turnover, Southbound's net buyingwas highest for Wynn Macau (2.4% of turnover), followed by SJM (2.0% ofturnover) and Sands China (1.3% of turnover). On an absolute basis, Southbound'snet buying was strongest for Sands China (Fig 3-4).    Changing Southbound interests    There has been a few clear changes in Southbound interest recently. In October,SJM and Sands China saw net Southbound inflows following 3-5months ofoutflows. On the other hand, Shun Tak saw big Southbound net outflows,accounting for 24% of the stock's turnover in October, after three months ofinflows. For MGM China, after four months of net Southbound inflows from Juneto September (totaling c.US$33m net buying), Southbound now accounts for3.6% of MGM China's free-float-market cap, up sharply from 1.3% holding justfive months ago (Fig 8).    Largest Macau holdings by southbound? Still Shun Tak and SJM    As of October 27th, Southbound holdings accounted for 21% of Shun Tak and10% of SJM's free-float market cap, both down 2-3ppt from six months ago.Galaxy continues to have the lowest Southbound holding at 1.0% of free-floatmarket cap.    Who gained the most Southbound investors year-to-date? Wynn Macau    Since the start of this year, Wynn Macau has seen the most increase inSouthbound investor holding within the Macau sector. Wynn Macau's holding bySouthbound investors increased from 1.4% of free float in January to 4.7% byOctober. Since the start of this year, MGM China has also seen a strong increasein ownership by Southbound investors (+120bps) to 3.6% of free float.

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