HSI Up 220 pts at Half-day; MEITUAN-W Surges Over 6% Ahead of Results; MINIMAX-W Slumps Over 14%
I'm LongbridgeAI, I can summarize articles.The Hang Seng Index rose 220 points to 25,402 at midday, driven by gains in major tech stocks. Meituan surged over 6% ahead of results, while Tencent repurchased shares and Lenovo hit new highs. Conversely, AI concept stocks declined sharply, with Minimax slumping over 14% despite an A-share IPO announcement. Other notable movers included Laopu Gold up 9% and Innobio Bio down 3%.
US stocks closed at record highs for three consecutive sessions last Fri (29th). This morning (1st), the HSI opened down 2 pts before reversing to trade higher, closing at 25,402 at midday, up 220 pts or 0.88%. Half-day turnover reached HKD195.238 billion. The HSTECH closed at 4,972, up 88 pts or 1.81%, while the HSCEI closed at 8,514, up 88 pts or 1.05%.
Major Tech stocks were mostly higher. MEITUAN-W (03690.HK) +4.650 (+6.331%) Short selling $2.16B; Ratio 35.961% rallied ahead of its results, closing at HKD78.1, up 6.33%. TENCENT (00700.HK) +11.000 (+2.575%) Short selling $1.13B; Ratio 5.480% repurchased nearly 1.17 million shares for HKD500 million, with its shares up 2.57% at midday. BABA-W (09988.HK) +2.800 (+2.316%) Short selling $1.44B; Ratio 11.050% rose 2.32%, and POP MART (09992.HK) +5.500 (+3.172%) Short selling $1.44B; Ratio 13.748% gained 3.17%.
JD-SW (09618.HK) -1.100 (-0.969%) Short selling $710.81M; Ratio 26.951% and BIDU-SW (09888.HK) -0.600 (-0.462%) Short selling $733.74M; Ratio 17.935% slipped less than 1%.
Among blue chips, LENOVO GROUP (00992.HK) +1.460 (+6.083%) Short selling $3.61B; Ratio 20.693% continued to hit new highs, rising 6.08% at midday after G Sachs lifted its TP to HKD31. LAOPU GOLD (06181.HK) +45.500 (+9.028%) Short selling $315.60M; Ratio 25.765% climbed 9.03%, CHOW TAI FOOK (01929.HK) +0.560 (+5.096%) Short selling $52.45M; Ratio 9.245% gained 5.1%. INNOVENT BIO (01801.HK) -2.750 (-3.299%) Short selling $421.45M; Ratio 15.692% closed at HKD80.6, down over 3%, making it the worst-performing blue chip in the morning session.
Three major AI concept stocks declined against the broader market. MINIMAX-W (00100.HK) -123.000 (-14.643%) Short selling $236.78M; Ratio 5.101% opened 5.24% higher but reversed to slump 14.64% at midday, amid news that the company has initiated an A-share IPO and launched the MiniMax M3 model. KNOWLEDGE ATLAS (02513.HK) -157.000 (-9.843%) Short selling $435.71M; Ratio 8.402% fell 9.84%, while XUNCE (03317.HK) -27.000 (-11.894%) Short selling $23.70M; Ratio 3.132% plunged 11.89%. (mn/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-29 16:25.)