<div id="readability-page-1"><div>US stocks fluctuated but edged higher overnight (27th), with all three major indices closing at record highs, as the market continued to monitor US-Iran negotiations. On Hong Kong stock futures settlement day, the HSI opened down 97 pts this morning (28th) and losses widened, slipping below the 25,000 mark. The index closed at 24,740 at midday, down 587 pts or 2.32%, with half-day turnover at HKD195.199 billion. The HSTECH closed at 4,833, down 73 pts or 1.5%, while the HSCEI closed at 8,275, down 187 pts or 2.22%.Leading tech stocks came under pressure. MEITUAN-W (03690.HK) -5.200 (-6.692%) Short selling $509.35M; Ratio 19.188% fell 6.7% to HKD72.5 at midday, hitting a more than two-year low and becoming the worst-performing blue chip in the morning session. TENCENT (00700.HK) -12.800 (-2.947%) Short selling $753.04M; Ratio 6.949% dropped 2.95%. BABA-W (09988.HK) -3.900 (-3.138%) Short selling $932.37M; Ratio 10.106% , JD-SW (09618.HK) -3.600 (-3.095%) Short selling $509.08M; Ratio 37.961% and BIDU-SW (09888.HK) -4.600 (-3.588%) Short selling $695.71M; Ratio 35.102% each declined by more than 3%. NTES-S (09999.HK) -4.200 (-2.149%) Short selling $738.03M; Ratio 28.548% fell 2.15%. KUAISHOU-W (01024.HK) -0.360 (-0.795%) Short selling $284.66M; Ratio 20.746% reported 1Q results in line with expectations, with shares edging down 0.8% at midday.Changxin Technologys STAR Market IPO was approved by the listing committee, with planned fundraising of RMB29.5 billion, set to become the largest A-share IPO this year. SMIC (00981.HK) +3.100 (+3.638%) Short selling $2.27B; Ratio 13.645% rose 3.64% against the market, the best-performing blue chip at midday. HUA HONG SEMI (01347.HK) +16.900 (+11.089%) Short selling $1.30B; Ratio 16.887% was quoted at HKD169.3 at noon, up 11.09%.Resource stocks were under pressure, with CHALCO (02600.HK) -0.630 (-5.502%) Short selling $50.33M; Ratio 6.882% , CHINAHONGQIAO (01378.HK) -1.640 (-5.388%) Short selling $228.92M; Ratio 29.966% , ZIJIN MINING (02899.HK) -1.940 (-5.676%) Short selling $207.99M; Ratio 11.044% and CMOC (03993.HK) -1.160 (-6.054%) Short selling $109.90M; Ratio 18.932% falling about 5% to 6%.Among individual movers, POP MART (09992.HK) +4.800 (+3.113%) Short selling $414.33M; Ratio 14.376% gained 3.11% at midday after Duan Yongping significantly increased his stake. NIO-SW (09866.HK) +2.320 (+5.561%) Short selling $161.44M; Ratio 46.877% launched its ES9 SUV, rising 5.56% at midday. KNOWLEDGE ATLAS (02513.HK) +89.000 (+6.246%) Short selling $55.47M; Ratio 4.023% hit a record high of HKD1,541 and closed up 6.25% at midday. CIG (06166.HK) +10.700 (+7.698%) placed shares at an 8.88% discount and rose 7.7%. KINGSOFT CLOUD (03896.HK) -0.560 (-8.260%) Short selling $16.64M; Ratio 3.461% slumped more than 8% after Nomura flagged its 1Q gross margin decline as a warning sign.(mn/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-27 16:25.)</div></div>

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The HSI fell 587 points to 24,740, dropping below 25,000, with significant losses in tech stocks like MEITUAN-W, which hit a two-year low. Resource stocks also faced pressure. Notably, KNOWLEDGE ATLAS rose 6% to a new high. US stocks closed at record highs amid ongoing US-Iran negotiations.

- US stocks closed at record highs as markets reacted to US-Iran negotiations, while Hong Kong's HSI fell sharply below 25,000, closing down 2.32%.  
- Leading tech stocks such as MEITUAN-W and TENCENT faced significant declines, with short-selling pressures evident across the sector.  
- Changxin Technology's IPO was approved for RMB 29.5 billion, becoming the largest A-share IPO this year, while resource stocks also experienced notable declines.

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HSI Slumps 587 pts at Half-Day, Loses 25,000; MEITUAN-W  Hits Trough, Down Nearly 7%; Resource Stocks Under Pressure; KNOWLEDGE ATLAS Up 6% Against Market to New High