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Definition: (vulgar) Originated from LIHKG due to swear word filters, this is a code-mixing term used to refer to the worst possible circumstance that can ever happen to someone, as the tones of 'hihi' sound very similar to '仆街' in Cantonese, which means 'to trip on the street' or 'to die' as a metaphor.
Usage: E.g. 香港而家好似喺平行時空咁樣。樓價升,租金升。大部份嘅生意行業跌到hi hi (Hong Kong seems to be in parallel universe nowadays. Property prices rise, rents rise. Most of the business industries went completely broke.)
Synonym: 仆街
Reference: https://www.threads.com/share/BBg_BfSN0N/