Hong Kong's major indices opened higher but retreated throughout Tuesday's session. The benchmark Hang Seng Index closed 0.29% lower at 24,517.76 points, while the Hang Seng Tech Index declined 0.24%. The Hang Seng China Enterprises Index dipped 0.18%.
Technology stocks exhibited mixed performance. Kuaishou gained over 2%, with Bilibili rising more than 1%. Conversely, Meituan and NetEase both dropped over 1%. Cryptocurrency-related stocks showed notable strength as BlueCity Holdings surged beyond 25%.
Biotechnology B-shares advanced significantly, with China Antibody International soaring over 30%. The company recently announced its voluntary withdrawal of the BLA application for sonelokimab in treating rheumatoid arthritis in China following discussions with regulatory authorities. This decision followed an internal assessment indicating need for supplementary efficacy evidence. The firm expressed confidence in eventual approval and disclosed new clinical development plans for systemic lupus erythematosus treatment.
Stablecoin concept stocks partially gained ground, with China 33 Media Group rocketing over 72%. The company revealed plans to apply for a Hong Kong stablecoin license, with funding expected from share placements and existing cash reserves. Analysts noted intensified global competition in on-chain finance amid expanding stablecoin market participation.
New consumption stocks faced downward pressure. POP MART tumbled more than 4% amid broader sector weakness. Market analysts observed increasing differentiation within consumer stocks, where brands demonstrating differentiated growth command premium valuations despite rising investor expectations. Established brands continue facing demand uncertainty concerns, though structural growth opportunities are expected to drive sector outperformance in H2.
Weiyali resumed trading with explosive momentum, skyrocketing 918.4% to HK$33.2 during the session - marking an all-time high. The stock had been suspended since September last year. The company confirmed compliance with minimum public float requirements after increasing publicly held shares from 10.74 million to 25.74 million shares (approximately 25.06% of enlarged share capital), satisfying exchange relisting conditions.