Chinese and Hong Kong stock markets experienced mixed performance between May 21 and May 23, 2025. On May 21, the Shanghai Composite Index rose 0.21%, the Shenzhen Component Index increased 0.44%, and the Chinext Index gained 0.83%. The Hang Seng Index and Hang Seng Tech Index also advanced by 0.62% and 0.51%, respectively. However, on May 22, these indices reversed course with the Shanghai Composite Index falling 0.22%, Shenzhen Component Index down 0.72%, and Chinext Index declining 0.96%. The Hang Seng Index dropped 1.19%, and the Hang Seng Tech Index fell 1.7%, with notable stock movements including XPeng rising nearly 6% and Baidu declining over 4%. The Beijing Stock Exchange 50 Index extended its decline to 6% during the afternoon session on May 22. In response to market conditions, the People's Bank of China (PBOC) announced a 500 billion yuan (approximately $69.54 billion) one-year medium-term lending facility (MLF) operation on May 23 to ensure ample liquidity. The PBOC injected a net 90 billion yuan on May 22 and a net 36 billion yuan on May 23, bringing the weekly net injection to 460 billion yuan. Despite these liquidity measures, major stock indices fell in the afternoon session of May 23, with the Shanghai Composite Index down about 0.5% and the Hang Seng Index narrowing intraday gains to 0.3%. FTSE China A50 Index futures were down nearly 1% on the same day, reflecting cautious investor sentiment amid ongoing market volatility.