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<H Shrs> HSI Up 79 pts at Half-day; KUAISHOU-W (01024.HK) +3%; YOFC (06869.HK) Hits New Peak; Heavyweight Chip Stocks Retreat
The market continues to monitor the meeting between Chinese and US leaders and developments in the Middle East situation. The HSI opened 90 pts higher this morning (12th) and moved...
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<H Shrs> HSI Up 79 pts at Half-day; KUAISHOU-W (01024.HK) +3%; YOFC (06869.HK) Hits New Peak; Heavyweight Chip Stocks Retreat
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The market continues to monitor the meeting between Chinese and US leaders and developments in the Middle East situation. The HSI opened 90 pts higher this morning (12th) and moved within a narrow range. It closed at 26,486 at midday, up 79 pts or 0.3%. Half-day turnover amounted to HKD140.427 billion. The HSCEI closed at 8,915, up 31 pts or 0.36%. The HSTECH was under pressure, closing at 5,086 at midday, down 19 pts or 0.4%.

Major internet stocks showed mixed performance. KUAISHOU-W (01024.HK)  -1.000 (-1.901%)    Short selling $533.88M; Ratio 15.016%   closed at HKD53.4 at midday, up 3.5%. It is rumored that the company plans to spin off its Kling AI video business for listing at a valuation of USD20 billion. Citi considered the Kling valuation aggressive and maintained its Buy rating on KUAISHOU-W. BABA-W (09988.HK)  -0.500 (-0.375%)    Short selling $1.31B; Ratio 11.090%   was reiterated as Buy by Citi and named as its top pick in China artificial intelligence. It closed at HKD134.2 at midday, up 0.22%. TENCENT (00700.HK)  +5.400 (+1.181%)    Short selling $1.73B; Ratio 14.111%   closed at HKD462.4, down 0.43%. BAIDU-SW (009888.HK) closed at HKD140.1, down 0.6%. JD-SW (09618.HK)  +9.800 (+8.277%)    Short selling $1.27B; Ratio 29.135%   , which will announce its 1Q26 results after market close, rose 0.7% at midday.

POP MART (09992.HK)  -2.000 (-1.228%)    Short selling $1.18B; Ratio 22.570%   closed at HKD162, down 3.23%, the worst performer among blue chips. UBS, M Stanley and Deutsche Bank lowered their TP and earnings forecasts successively, citing concerns over slowing overseas demand and cooling momentum of the Labubu trend.

Chip stocks, which had been strong recently, retreated. Leading names SMIC (00981.HK)  -2.450 (-3.198%)    Short selling $627.88M; Ratio 9.764%   and HUA HONG SEMI (01347.HK)  +0.300 (+0.232%)    Short selling $506.87M; Ratio 13.563%   fell 2.5% and 3.7% respectively at midday. Memory chip maker GIGADEVICE (03986.HK)  +43.000 (+8.515%)   dropped 4.4%.

Energy stocks strengthened on reports that the US may launch military action against Iran again. PETROCHINA (00857.HK)  0.000 (0.000%)    Short selling $270.01M; Ratio 29.849%   closed at HKD11.13, up 4.61%, the best-performing blue chip. CNOOC (00883.HK)  -0.300 (-1.114%)    Short selling $146.16M; Ratio 7.556%   closed at HKD27.12, up 1.95%, while SINOPEC CORP (00386.HK)  +0.030 (+0.649%)    Short selling $152.91M; Ratio 26.052%   edged up 0.43%.

Among individual stocks, YOFC (06869.HK)  -7.200 (-2.655%)    Short selling $157.16M; Ratio 4.255%   extended gains for a fourth consecutive session and hit another peak, closing at HKD269.8 at midday, up 4.01%, after G Sachs raised its TP to HKD290. DEEPEXI TECH (01384.HK)  -1.000 (-1.422%)   closed at HKD70.2, up 12.14%. Founder Zhao Jiehui published an industry commentary highlighting the importance of the "memory mechanism" of agent platforms to the token economy. TIME INTERCON (01729.HK)  -0.160 (-0.731%)    Short selling $297.92M; Ratio 42.672%   placed shares at a 13.6% discount, raising net proceeds of HKD2.89 billion, dragging its shares down 11.52% to HKD21.5 at midday.(mn/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.)

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