AI Tool Launch: Anthropic introduced a new tool for corporate in-house counsel that automates legal tasks like contract review and NDA classification, impacting the SaaS and software sectors.

Stock Market Performance: Several Hong Kong stocks experienced significant declines, with KINGDEE INT'L dropping 14.5% and MEITU falling nearly 10%.

Short Selling Activity: High short selling ratios were noted across various companies, including MEITU and CHINASOFT INT'L, indicating bearish market sentiment.

AI IPOs Decline: Newly listed AI companies like MINIMAX-WP and KNOWLEDGE ATLAS also saw their stock prices decrease, reflecting a broader trend in the market.

Stock Performance: KINGDEE INT'L saw a 3.56% increase in shares, with a short selling ratio of 28.13%, while MEITU and KINGSOFT CLOUD also experienced gains of 3.1% and 3.06%, respectively.

Analyst Ratings: BofAS has identified KINGDEE INT'L, MEITU, and KINGSOFT OFFICE as top picks among Chinese software stocks, while M Stanley anticipates further collaboration between MEITU and Alibaba, assigning a target price of $15.7.

Short Selling Data: The short selling amounts for various companies include KINGSOFT at $84.43M and WEIMOB INC at $14.20M, indicating varying levels of market skepticism.

Market Outlook: Ratings for KINGSOFT have shifted from "Buy" to "Neutral," reflecting a change in investor sentiment, with target prices adjusted accordingly.

Market Overview: The HSI closed down 272 points (1%) at 26,438, with the HSCEI and HSTECH also experiencing declines of 1.1% and 1.6%, respectively, amid a total market turnover of HKD148.571 billion.

Technology Sector Performance: Major tech stocks like BABA-W, TENCENT, and MEITUAN-W saw significant declines, with BABA-W dropping 4% after a downgrade, while short selling ratios remained high across the sector.

Chip Stocks Resilience: In contrast to the overall market trend, chip stocks like HUA HONG SEMI and BIREN TECH experienced gains of 5.173% and 4.8%, respectively, indicating a divergence in sector performance.

Automotive Sector Updates: Despite a general decline in automotive stocks like BYD and NIO, HESAI-W surged 5.1% following news of new laser radar technology being integrated into the upcoming SU7 series by XIAOMI.

Stock Performance: KINGSOFT CLOUD (03896.HK) opened 5.4% lower at HKD8.6, dropped by 11.3% to HKD8.06, and last traded at HKD8.38, down 7.8% with a trading volume of 48.07 million shares.

Share Placement Announcement: The company announced a placement of 338 million shares at HKD8.29 per share, aiming to raise HKD2.802 billion, which is an 8.8% discount to the previous closing price of HKD9.09.

Market Opening: The HSI, HSCEI, and HSTECH opened lower, with declines of 0.3% and 0.5%, reflecting a cautious market sentiment.

Stock Movements: Cathie Wood's purchase of Alibaba shares marked her first investment in four years, while Micron Technology reported earnings that exceeded expectations, leading to varied performances among tech stocks.