Chinese investors ditched some of the biggest tech stocks in Hong Kong last month, testing the resilience of their market-beating rally this year.

Mainland investors offloaded a combined HK$46.4 billion ($5.9 billion) worth of Tencent Holdings Ltd., Xiaomi Corp. and Alibaba Group Holding Ltd. shares through the trading links with the financial hub in June, according to Bloomberg calculations based on exchange data. They were also net sellers of the three stocks in May.

The heavy selloffs come ahead of quarterly earnings and as China’s e-commerce competition continues to heat up following a DeepSeek-inspired artificial intelligence boom in the nation’s tech stocks earlier this year. Tencent and Alibaba’s shares have been going sideways since April, while Xiaomi’s have risen as the smartphone maker debuted a new car.

The selling from Chinese investors “is partly due to profit taking, but also because of a lack of new catalysts,” said Vey-Sern Ling, a managing director at Union Bancaire Privee. It could cap further advances for the shares as earlier gains were “mostly driven by southbound flows,” he said.

Tencent, Xiaomi and Alibaba topped Chinese investors’ selling via the trading links year-to-date, according to an HSBC Holdings Plc report on Friday. They piled into Chinese delivery giant Meituan and state lender China Construction Bank Corp. instead, the bank said.