As the second-biggest organization investor in the A-share market on the basis of holding size, the investment behaviors and strategies of Stock Connect investors have already drawn quite much attention. According to five-year panel data (2019-2023), the authors have constructed a multi-dimension description of what stock choices Stock Connect investors prefer. Experiential study results show that: From the angle of value investment, Stock Connect investors have preference for enterprises which are “big” (having bigger total market value, main business income, and average daily transaction volume), “excellent” (having higher dividend yield rate, total asset turnover rate, and gross sales profit margin), and “steady” (having lower turnover rate and asset-liability ratio). From the angle of information non-symmetry, the investors of Stock Connect prefer companies that have more analyst study ratings and those which are not cross-listed. From the angle of corporation management, Stock Connect investors are fond of non-state-run enterprises which have higher ESG scores and higher proportion of share holding by the biggest shareholder. This research offers proof that Stock Connect holding proportions and preferential features have a certain degree of forecast ability in relation to coming stock investment gains, ESG achievement, and financial achievement.
