Investors in mainland China appear unconvinced that a rebound in Hong Kong’s shares can sustain, underscoring doubts on the prospects of equities listed in the city. They sold HK$9.5 billion ($1.2 billion) worth of stock, the most since mid September, even as the Hang Seng Index rallied nearly 4% on Wednesday.

Onshore traders have bought a cumulative HK$305 billion of equities in Hong Kong in 2023, largely on par with purchases in the previous year. They bought HK$386 billion in shares on a net basis in 2022 and HK$454 billion in 2021.