The discount between China Telecom and China Unicom is now more than 30 percent so people might soon be less eager to buy China Telecom at this level.
Locals are switching their attention to second liners or blue-chip laggards.
The whole market is quite weak and there's quite a lot of selling of futures and red chips.
Some investors are betting that Hong Kong won't follow the U.S. rate hikes in May and are moving ahead to buy while prices are still reasonable.
There are no major movements for blue chip stocks and very little turnover.