The HSI carried forward yesterday’s momentum, opening slightly up 12 points at 24,234 this morning (3rd). Yet, it reverted down later, slipping as much as 301 points to bottom at 23,920. It last traded at 23,959, down 261 points or nearly 1.1%, with turnover of HKD90.527 billion.

Heavyweight new economy stocks weighed down on the market. XIAOMI-W (01810.HK)  -0.600 (-1.033%)    Short selling $709.06M; Ratio 9.357%   , after hitting a record high yesterday, ebbed back 4% to HKD57.75, being the worst-performing blue-chip so far, with turnover of HKD5.14 billion. ALI HEALTH (00241.HK)  -0.300 (-6.637%)    Short selling $467.26M; Ratio 21.575%   , BABA-W (09988.HK)  -1.100 (-1.036%)    Short selling $1.26B; Ratio 11.309%   , and NEW ORIENTAL-S (09901.HK)  -0.200 (-0.493%)    Short selling $21.45M; Ratio 21.924%   each sagged over 3%. KUAISHOU-W (01024.HK)  +0.800 (+1.309%)    Short selling $471.19M; Ratio 20.463%   , MEITUAN-W (03690.HK)  -2.000 (-1.629%)    Short selling $724.97M; Ratio 9.654%   , and JD-SW (09618.HK)  -1.100 (-0.878%)    Short selling $228.58M; Ratio 10.465%   fell off 1.7-2.1%. TENCENT (00700.HK)  -4.200 (-0.838%)    Short selling $256.89M; Ratio 3.528%   subtracted 1.3%.

Related NewsBOCOMI Raises XIAOMI-W (01810.HK) TP to HKD67
Hong Kong’s May retail sales picked up 2.4% YoY, ending a 14-month decline and beating market expectations. JPMorgan believed retail sales have bottomed out, expecting stability in 2H25 without a sharp rebound. The broker upgraded WHARF REIC (01997.HK)  +0.250 (+1.037%)    Short selling $36.66M; Ratio 15.850%   from Underweight to Overweight with a TP of HKD27.5 and raised LINK REIT (00823.HK)  -0.250 (-0.580%)    Short selling $27.46M; Ratio 8.234%   TP to HKD49, maintaining an Overweight rating.

Morgan Stanley noted the stronger-than-expected retail data, suggesting positive reactions for HYSAN DEV (00014.HK)  +0.120 (+0.803%)    Short selling $2.50M; Ratio 6.446%   ’s share price. WHARF REIC expanded gains against the market to 6.21% at HKD23.95, the top-performing blue-chip, with turnover of HKD70.5179 million. HYSAN DEV rose 1.8% to HKD14.76, with turnover of HKD27.188 million. LINK REIT edged up 0.6% to HKD42.45, with turnover of HKD124 million.

Some recently listed stocks saw immense pullbacks. ZHOU LIU FU (06168.HK)  -2.700 (-6.750%)   last stood at HKD38.2, down 11.78%, with 5.7781 million shares traded, involving HKD226 million, still 59% above its IPO price of HKD24.

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IFBH (06603.HK)  -0.850 (-2.007%)   , the parent of Thai coconut water brand “if,” last posted at HKD42.95, down 9.67%, with 4.5862 million shares traded, involving HKD205 million, 54.5% above its IPO price of HKD27.8.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-04 16:25.)