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.

Share Placement Announcement: UNISOUND announced the placement of 1.008 million new H-shares at HKD310 per share, representing a 17.68% discount to the previous closing price.

Fundraising Purpose: The placement is expected to raise approximately HKD307 million, with around 65% allocated to core technology R&D to enhance the company's competitive position in the AGI era.

Stock Performance: UNISOUND (09678.HK) opened 10.56% higher on the 28th, peaked at HKD285, and last traded at HKD275.4, reflecting a 25.3% increase with a trading volume of 832,700 shares.

Revenue Growth: The company estimates a revenue surge of approximately 1,057-1,095% for its large model-related businesses, projecting around RMB600-620 million for the year ending December 31, 2024, up from RMB51.87 million.

Factors for Growth: UNISOUND attributes its significant revenue growth to its leadership in core technological capabilities and the accelerated commercialization of its products.

Market Information: Note that the stock quotes for HK stocks are delayed by at least 15 minutes.

Market Overview: Hong Kong stocks showed slight gains in the morning session, with the HSI up 8 points to 26,158 and total half-day turnover reaching $135.217 billion.

Stock Movements: HANG SENG BANK rose 0.3% following the approval of its privatization, while HSBC HOLDINGS fell 0.6%. CKH HOLDINGS increased by 1.5% as it sought dual listing support from Goldman Sachs and UBS.

AI-Related Stocks Performance: Several AI-related stocks, including GDS-SW and FOURTH PARADIGM, saw gains of over 3%, while KNOWLEDGE ATLAS surged by 14.9%. Conversely, UNISOUND experienced a significant drop of 9.5%.

IPO Highlights: The IPO MINIMAX-WP saw a remarkable increase of 80.5%, trading at $294, significantly above its initial listing price of $165.

Market Performance: The HSI reached a nearly four-year high, closing at 26,873, while the HSTECH also hit a four-year high, driven by significant trading volumes in AI-related stocks.

AI Chip Development: BABA-W's new AI chip has shown performance metrics that surpass Nvidia's A800 and are comparable to its H20 chip, leading to a surge in its stock price, which rose by 5.41% to HKD161.8.