Today (20th) marks the first trading day for Hong Kong bourse after the Lunar New Year (LNY) holiday. The HSI started 48 points lower; with deeper downswing in the morning session, it plummeted 348 points to bottom at 26,356. The latest print showed 26,577, down 128 points or less than 0.5%, with a turnover of HKD83.242 billion. Mainland China's A-share market is closed for the LNY holiday and will resume trading next Tuesday (24th).

Sustaining the robustness before the holiday, three semi-IPOs in AI large model sector continued to be speculated upon. MINIMAX-WP (00100.HK)  -55.500 (-7.475%)    Short selling $45.68M; Ratio 5.471%   opened 5.43% higher, and once shot up 15.7% in the morning session, reaching a peak of HKD980, setting a new high since listing. It last posted at HKD920, up 8.62%, with a turnover of HKD1.976 billion.

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Jefferies initiated coverage on MINIMAX-WP with a Buy rating, forecasting a 49x 2028 P/S, corresponding to a target price of HKD1,118. Jefferies believed the global foundational model market is still in its early stages with strong growth prospects. MINIMAX-WP is rapidly emerging as a multimodal model provider in the global market, leveraging its AI-native product suite centered on intelligence and open platform to create a sustainably scalable business model. Jefferies expected the company to achieve profit by 2030.

KNOWLEDGE ATLAS (02513.HK)  +28.000 (+2.718%)    Short selling $72.31M; Ratio 9.525%   opened 5.12% higher and swelled 25% to a peak of HKD635, setting a new high since listing. It last traded at HKD607, up 19.49%, with a turnover of HKD1.615 billion.

HAIZHI TECH GP (02706.HK)  -2.900 (-5.039%)   opened 15% higher and once leapfrogged 28.7% to a peak of HKD154.4. It last printed at HKD141.8, up 18.17%, with a turnover of HKD535 million.

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Other major AI-related stocks traded mixed, with blue-chip stocks having AI exposure being weaker. BIDU-SW (09888.HK)  -2.500 (-1.829%)    Short selling $361.85M; Ratio 30.167%   last traded at HKD129.7, down 5.74%, with a turnover of HKD1.24 billion. BABA-W (09988.HK)  -1.400 (-1.050%)    Short selling $1.52B; Ratio 17.599%   last stood at HKD148.9, down 3.75%, with a turnover of HKD5.081 billion. KUAISHOU-W (01024.HK)  -1.200 (-2.455%)    Short selling $320.69M; Ratio 16.640%   was last at HKD66.65, down 2.56%, with a turnover of HKD536 million. TENCENT (00700.HK)  -4.800 (-1.043%)    Short selling $1.26B; Ratio 14.510%   last logged at HKD521, down 2.25%, with a turnover of HKD5.414 billion.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-20 16:25.)

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