Hong Kong stocks fell Thursday following a three-day winning streak, as a rally led by a US-China trade truce lost steam, while lackluster earnings from Tencent further dampened sentiment.

The Hang Seng Index fell 0.79%, or 187.49 points, at 23,453.16. The Hang Seng China Enterprises Index also slid 0.97%, or 83.40 points, at 8,509.67.

A lack of concrete details and uncertainty regarding the future direction of tariff negotiations has caused investor confidence to weaken. Many investors are now regarding the rally in Hong Kong stocks since April as overextended and resorting to profit taking, the South China Morning Post (SCMP) reported.

Tencent's (HKG:0700) weaker-than-expected performance also weighed on sentiment. The tech heavyweight posted a 14% boost in attributable profit in the first quarter to 47.8 billion yuan, missing market expectations of a 23% increase to 51.7 billion yuan.

All eyes are on e-commerce giant Alibaba's (HKG:9988) quarterly earnings report expected later today.

In corporate news, gold mining firms Chifeng Jilong Gold Mining (HKG:6693) and Zijin Mining Group (SHA:601899, HKG:2899) fell 3% and 2%, respectively, on dropping gold prices.

Investors are moving away from bullion as trade tensions ease, leading to an improved risk appetite among investors, Reuters reported. Gold prices fell over 2% on Wednesday to their lowest point in over a month, the report said.

Meanwhile, in IPO news, Mirxes (HKG:2629) launched its initial public offering in Hong Kong Thursday, seeking to raise up to HK$1.09 billion from the deal. Meanwhile, Jiangsu Hengrui Pharmaceuticals (HKG:1276, SHA:600276) launched its initial public offering in Hong Kong Thursday, seeking to raise up to HK$9.89 billion from the deal.