$XTALPI(02228.HK) capital pool "dries up": retail investors can't get in, institutions are unwilling to stay

The HK$500,000 threshold for Stock Connect directly blocks 95% of mainland retail investors, and the few remaining qualified investors only dare to test the waters with less than 5% of their positions, far from forming the "national 买单" effect seen in A-shares. Meanwhile, Hong Kong local capital has already flocked to U.S. stocks, turning Hong Kong stocks into a "forgotten market"—despite raising nearly HK$300 billion in IPOs in 2025 (ranking first globally), its average daily trading volume can't even match that of a single Tesla stock in the U.S. This "blood-sucking expansion + exhausted trading" leaves growth stocks like Jingtai Holdings with no capital support. More critically, foreign capital accounts for over 60% of Hong Kong stocks, making them prone to withdrawal at the slightest global disturbance, unlike A-shares with "national team" support—when they fall, there's no bottom.