<div id="readability-page-1" class="page"><div>US 30-year Treasury yield hit a 19-year high, while the three major US indices fell overnight (19th). The HSI opened down 88 pts today (20th) before losses widened, closing at 25,651 pts, down 146 pts or 0.57%. Total market turnover for the day amounted to HKD262.098 billion. The HSTECH rose against the market trend, closing at 4,873 pts, up 16 pts or 0.34%. The HSCEI closed at 8,605 pts, down 34 pts or 0.4%.YMTCs launch of the A-share IPO process boosted market sentiment. SMIC (00981.HK) +6.650 (+9.708%) Short selling $1.19B; Ratio 12.088% surged 9.71% to HKD75.15, making it the best-performing blue chip of the day. HUA HONG SEMI (01347.HK) +16.200 (+13.894%) Short selling $749.06M; Ratio 20.702% rose 13.89% to HKD132.8. Memory chip maker GIGADEVICE (03986.HK) +102.500 (+17.027%) climbed 17.03% to HKD704.5.Spot gold continued to hover below USD4,500 per ounce, weighing on gold miners. LAOPU GOLD (06181.HK) -37.000 (-6.942%) Short selling $91.70M; Ratio 29.759% slumped 6.94% to HKD496, the worst-performing blue chip. ZIJIN MINING (02899.HK) -0.680 (-2.036%) Short selling $182.42M; Ratio 10.528% fell 2.04%; ZIJIN GOLD INTL (02259.HK) -6.300 (-4.333%) Short selling $69.00M; Ratio 13.531% dropped 4.33%; SD GOLD (01787.HK) -0.680 (-2.648%) Short selling $5.71M; Ratio 2.636% declined 2.65%; ZHAOJIN MINING (01818.HK) -0.660 (-2.902%) Short selling $19.96M; Ratio 6.551% slid 2.9%.Among major tech stocks, TENCENT (00700.HK) -4.800 (-1.043%) Short selling $546.81M; Ratio 11.841% and BABA-W (09988.HK) -1.400 (-1.050%) Short selling $888.54M; Ratio 19.371% each fell about 1%. JD-SW (09618.HK) +1.900 (+1.509%) Short selling $188.40M; Ratio 35.206% bucked the trend, closing at HKD127.8, up 1.51%. XIAOMI-W (01810.HK) -0.500 (-1.632%) Short selling $718.44M; Ratio 41.353% closed at HKD30.14, down 1.63%.On individual stocks, BILIBILI-W (09626.HK) -7.400 (-4.741%) Short selling $243.12M; Ratio 38.589% closed down 4.74% after its 1Q earnings were reported to show slower recovery in gaming revenue, prompting Daiwa and G Sachs to lower their TP. EVERG SERVICES (06666.HK) -0.110 (-7.639%) fell 7.64% after the exclusivity period for potential transaction negotiations expired without extension. HESAI-W (02525.HK) -15.700 (-9.013%) Short selling $64.18M; Ratio 31.646% , which announced its 1Q results after market close yesterday, dropped sharply by 9.01% to HKD158.5 after Citi cut its TP. HUANXI MEDIA (01003.HK) -0.020 (-7.273%) opened higher after receiving over HKD200 million in investment from Panshi Intelligence but reversed course, once surging more than 45% before ending down 7.27% at HKD0.255.Two IPOs debuted today. UISEE TECH (01511.HK) -2.800 (-4.643%) closed at HKD57.5, 4.6% below its listing price of HKD60.3. Excluding handling fees, each board lot of 50 shares recorded a book loss of HKD140. TOPNC (07688.HK) +21.110 (+79.992%) closed at HKD47.5, 80% above its listing price of HKD26.39. Excluding handling fees, each board lot of 100 shares generated a book gain of HKD2,111. (mn/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-20 12:25.)</div></div>

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The HSI closed down 146 points at 25,651, with total turnover of HKD262.098 billion. SMIC surged 9.71% to HKD75.15, while gold miners struggled as spot gold remained below USD4,500. Major tech stocks like Tencent and Alibaba fell around 1%. Bilibili dropped 4.74% after disappointing earnings, and Hesai fell 9.01% following a target price cut. Two IPOs debuted, with TOPNC rising 80% above its listing price, while UISEE TECH fell 4.64%.

HSI Finishes Down 146 pts; SMIC Leaps ~10%; Gold Miners Subdued