Pre-market trend | HESAI-W (2525.HK) plummeted 9% on May 20, is it a crushing sell-off by the bears?

At today's close, HESAI-W's stock price plummeted by 9.01%, ranking among the top declines in the Hong Kong stock market, with a trading volume of HKD 368 million, indicating a massive capital outflow. The MACD daily line formed a death cross signal below the zero axis, suggesting that the medium-term downward trend is being further confirmed, and the bearish forces have shifted from probing to dominance. For a leading lidar company in its growth phase, such a significant single-day decline often indicates a temporary shake in the market's valuation logic, and the bulls will need time to rebuild confidence in the short term. On the industry level, the automotive parts and intelligent driving sectors have recently shown a divergence in performance. BYD's stock fell by 3.94% to HKD 90.2 today, while Geely Automobile dropped by 1.24%, putting pressure on the entire automotive supply chain. On the news front, global long-term bond yields remain high, with the U.S. 30-year Treasury yield reaching 5.20%, a new high since 2007, creating systemic pressure on high-valuation growth stocks in a high-interest-rate environment. Additionally, a member of the Federal Reserve's FOMC clearly stated that interest rate cuts are not advisable until inflation targets are met, further dampening market expectations for liquidity easing. For technology companies like HESAI that are still in the early stages of commercialization and rely on valuation premiums, the deterioration of the interest rate environment directly impacts their pricing foundation. Technically, the 9% single-day decline has pushed the stock price into the short-term oversold range, but the death cross pattern below the MACD zero axis indicates that the medium-term weakness has not yet bottomed out