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<H Shrs>HSI Slumps 438 pts at Midday; MEITUAN-W Retreats 6%, TENCENT Dives ~4%
US stocks finished higher overnight (2nd), with the three major indices hitting fresh record highs again. AI-related shares had a good run, while the S&P 500 and Nasdaq extende...
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<H Shrs>HSI Slumps 438 pts at Midday; MEITUAN-W Retreats 6%, TENCENT Dives ~4%
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US stocks finished higher overnight (2nd), with the three major indices hitting fresh record highs again. AI-related shares had a good run, while the S&P 500 and Nasdaq extended their gains to a ninth consecutive session with strong momentum. The Golden Dragon China Index also notched a two-week high. However, the external market strength failed to lend support to Hong Kong equities.

The HSI opened down 85 pts today (3rd) before losses widened. It closed at 25,599 at midday, down 438.36 pts or 1.68%. Half-day turnover amounted to HKD169.755 billion. The HSTECH closed at 5,076, down 122 pts or 2.35%. The HSCEI closed at 8,579, down 183 pts or 2.09%.

Major techs were suppressed. MEITUAN-W (03690.HK)  -5.100 (-5.965%)    Short selling $2.80B; Ratio 41.171%   had its TP lowered to HKD138 by CMBI. The stock gave back yesterday's gains and closed at HKD80.3 at midday, down 6.08%. TENCENT (00700.HK)  -15.200 (-3.156%)    Short selling $2.91B; Ratio 12.669%   said it could not determine when its WeChat AI agent would be launched, and the stock retreated nearly 4%. BABA-W (09988.HK)  -4.300 (-3.285%)    Short selling $1.79B; Ratio 15.422%   slid 2.98%. KUAISHOU-W (01024.HK)  -2.240 (-4.573%)    Short selling $567.21M; Ratio 19.893%   tumbled 5.02%. JD-SW (09618.HK)  -5.000 (-4.163%)    Short selling $507.93M; Ratio 36.597%   and XIAOMI-W (01810.HK)  -1.040 (-3.511%)    Short selling $1.44B; Ratio 35.083%   both shed more than 3%.

Chip-related stocks were actively sought. SMIC (00981.HK)  +1.000 (+1.220%)    Short selling $995.17M; Ratio 10.630%   soared 4.03%, making it the best-performing blue chip in the morning session. HUA HONG SEMI (01347.HK)  +3.800 (+2.569%)    Short selling $786.03M; Ratio 12.980%   shot up 6.02%, MONTAGE TECH (06809.HK)  +22.800 (+5.997%)    Short selling $346.21M; Ratio 13.524%   surged 10.21%, and GIGADEVICE (03986.HK)  +24.500 (+3.446%)    Short selling $17.81M; Ratio 1.051%   advanced 7.1%.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-03 16:25.)

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